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Strength of the Market
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The Strength of the Market is: Strong

Last week, the S&P 500 and Dow Jones both closed at records. For the first quarter of 2024, the S&P 500 added 10.2%, for its best first-quarter gain since 2019, the Dow Jones advanced 5.6% and the Nasdaq was up 9.1%. Stocks have been up for five-straight months as March came to an end. The artificial intelligence craze drove gains in the first quarter, especially, Nvidia, which roared 82.5% in the first three months of 2024. Investors are feeling very upbeat to start April.

 

Economic reports from last week came back mixed:

•National Economic Activity - higher than expectation

•New Home Sales - lower than expectation

•Pending Home Sales - higher than expectation

•Manufacturing (Dallas) - lower than expectation

•Consumer Sentiment - higher than expectation

•Personal Income - lower than expectation

•Jobless Claims - lower than expectation

 

This week, investors will look for guidance from economic reports like Construction Spending, Vehicle Sales, Job Openings, Employment, Consumer Credit and Jobless Claims.

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