Market Blog
Index Performance
U.S. and International Equities
The major United States and international markets were higher this week. The Nasdaq Composite was the best performing index while the Dow Jones Industrial Average gained a fraction. Communication services, information technology, and consumer discretionary were the best performing sectors while the consumer staples and health care sectors lagged the S&P 500 index.
Fixed Income Recap
Bonds, as represented by the Bloomberg Barclays US Aggregate, lost ground this week as the 10-year Treasury yield moved slightly higher. High-yield bonds, per the Bloomberg Barclays High Yield index, moved slightly higher, benefiting from the risk-on environment and limited rate sensitivity.
Commodities
After a strong year thus far, West Texas Intermediate (WTI) Crude Oil rebounded after three straight weeks of declines. In addition, natural gas finished higher for the second consecutive week while gold and silver ended lower.
US Economic Data Recap
Jobless Claims Lag
According to the US Department of Labor, over 700,000 Americans filed for unemployment insurance last week, above the Bloomberg consensus forecasts which called for 675,000 new claims. Moreover, continuing claims inched lower but were higher than expected. This week’s elevated jobless claims data underscores volatility in the labor market.
Next week, the following economic data is slated to be released:
Monday: March Purchasing Manager Index (PMI) Composite, February Factory and Durable Orders, March Institute of Supply Management (ISM) Non-Manufacturing
Tuesday: February US Bureau of Labor Job Opening and Labor Turnover Survey
Wednesday: February Trade Balance and Consumer Credit
Thursday: Weekly initial and continuing claims
Friday: March Producer Price Index and February wholesale inventories
IMPORTANT DISCLOSURES
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results. All market and index data comes from FactSet and MarketWatch.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
U.S. Treasuries may be considered “safe haven” investments but do carry some degree of risk including interest rate, credit, and market risk. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.
For a list of descriptions of the indexes referenced in this publication, please visit our website at lplresearch.com/definitions.
This Research material was prepared by LPL Financial LLC.
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