Stocks ended last week with their biggest drop of 2023 - the S&P 500 was down 2.7%, the Dow Jones fell almost 3.0% and the Nasdaq was lower by 3.3%. This drop was mostly due to worries that the Federal Reserve may have to keep interest rates higher for longer, in the attempt to slow down continued inflationary pressures.
Economic reports from last week came back mixed: •Existing Home Sales - lower than expectation •New Home Sales - higher than expectation •Personal Income - lower than expectation •Consumer Sentiment - higher than expectation •Jobless Claims - lower than expectation This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Confidence, Construction Spending, Vehicle Sales, Labor Productivity and Jobless Claims.