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WEEKLY SUMMARY: VIX hits lowest level since late 2021
The major US equity indices ended mixed following a week while the Cboe Volatility Index (VIX), Wall Street’s so-called fear gauge, fell to its lowest level since late 2021. 88 S&P 500 Index companies had reported earnings as of Friday. Financials outperformed overall during the week despite a brief plunge in shares of Goldman Sachs after the investment banking giant missed consensus revenue estimates. US economic data were mixed: Weekly jobless claims rose a bit more than expected, but continuing claims jumped by much more than anticipated and reached their highest level (1.87 million) since November 2021. Housing data were also soft, with starts and permits slowing from February’s readings. Existing homes sales fell, and year-over-year home prices dropped 0.9%, the largest decrease in 11 years. However, S&P Global US PMIs painted a much different picture as it rose to its highest level in almost a year (53.5). The yield on the 10-year U.S. Treasury note jumped following the S&P Global data release, reversing earlier declines and leaving it modestly higher for the week. The pan-European STOXX Europe 600 Index gained 0.45%, as optimism about the economic outlook outweighed concerns about interest rates staying higher for longer. Annual UK consumer price growth in March slowed by less than expected to 10.1% from 10.4% in February, driven by surging food and drink prices. Gold and cryptos slid as US Sovereign risk roared to record high.
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Most US equities indexes ended the week lower, although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time. The Russell 2000 Index recorded a second consecutive week of underperformance against the S&P 500 Index. Growth stocks posted a third consecutive week of outperformance versus value, thanks in part to gains in shares of Tesla (12%) and Alphabet (8.4%). On the macro-economic side, stagflation fears started to rise once again. Indeed, YoY CPI and PPI both accelerated. Meanwhile overall macro surprises disappointed for the fourth week in a row: on Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims to a two-month high of 242,000.