Weekly Market Recap
March 1, 2024
While this may be our final weekly Market Recap, you can still read the latest updates in our Monthly Market Insights, with the next issue coming out in just a few weeks. The S&P 500 marked a new high today, as all of the week’s gain came on Friday. Likewise, interest rates declined this week, with Friday’s action making up most of the week’s move. The first part of the week saw little movement, despite a raft of economic updates and some of the last companies reporting Q4 results. The Technology and Consumer Discretionary sectors led the market this week, while the traditionally more defensive Consumer Staples, Healthcare, and Utilities sectors lagged. The inflation measure the Fed watches the most, PCE, was in-line with expectations. Core PCE year-over-year was 2.8%, which was a slight improvement from the previous reading. Personal income rose more than expected, up 1.0% month-over-month. Other economic updates came in a bit weaker than expected, such as ISM Manufacturing, new home sales, durable goods, and consumer confidence. Next week, we will be watching ISM Services on Tuesday and the monthly jobs report on Friday. On Thursday, March 21st, we will be hosting a virtual event with Dr. Amy Fletcher. She will present on “AI & ChatGPT: The Mystery of What the Future Holds”. Please register here: https://mybuckingham.com/events/event-ai-and-chatgpt-the-mystery-of-what-the-future-holds. If you have a friend or family member who could benefit from our financial planning, investment, and/or tax services, please direct them to https://mybuckingham.com/contact. Thank you very much.
Ryan P. Johnson, CFA, CFP®
Managing Director of Investments