Charles-Henry Monchau

Chief Investment Officer



WEEKLY SUMMARY: Tech saves the day while debate on rates continues 

US equities managed to snap a string of three weekly losses. Earnings took center stage with the spotlight on the Magnificent 7 stocks. Despite the high bar, companies have so far been able to beat expectations, helping the S&P 500 recover half of its April losses. The Nasdaq outperformed, up 4% on the week (its best week since the start of Nov 2023), helped in part by strength in Apple and a late rebound in chipmaker NVIDIA. Shares in Google parent Alphabet also surged in the week following its announcement of better-than-expected Q1 earnings along with the company’s first dividend payment. The Dow was the laggard. On the Macro side, the US economy expanded at an annualized rate of 1.6% in Q1, well below consensus estimates of around 2.5% and the slowest pace of growth in nearly two years. Core PCE inflation continued to decline on an annual basis in March, if ever so slightly, falling to 2.82% from 2.84% in February, continuing a downward trajectory that began in October 2022. The 10-year U.S. Treasury yield ended the week near its highest level in almost six months. The pan-European STOXX Europe 600 Index snapped a three-week losing streak and ended 1.74% higher as some encouraging corporate earnings results helped to boost sentiment. The Nikkei 225 Index gained 2.3% while the yen continued to collapse (156). Gold was dumped - its worst week since the start of December 2023. After two down weeks, oil prices rallied, with WTI back above $83.



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