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WEEKLY SUMMARY: US equities end mostly lower in light trading
The major US equities indices were mostly lower over a holiday-shortened week that was characterized by light and choppy trading. Several important economic releases weighed on sentiment. On Monday, the ISM gauge of March factory activity fell back to a nearly three-year low. The ISM’s services sector gauge, released two days later, indicated that the services sector was still expanding, but at a significantly slower-than-expected pace. The Labor Department reported on Tuesday that job openings declined much more than expected in February, falling to levels (9.9 million) last seen in May 2021. ADP private sector jobs survey, released Wednesday, indicated that the job market continued to expand in March, but at a slower pace. In a letter to shareholders, JPMorgan Chairman and CEO Jamie Dimon warned that “the [banking] crisis is not yet over” and that “there will be repercussions from it for years to come.” The weak economic data pushed U.S. Treasury yields lower. Shares in Europe rose by nearly 1% as fears of a banking crisis abated while ECB’s Lagarde, de Guindos, Lane hint at more rate hikes. Japanese stocks declined nearly 2% over the week, as investors continue to digest the potential impact of export restrictions on certain types of semiconductor manufacturing equipment. Chinese stocks advanced roughly 1% as a recovery in services activity and the property sector bolstered investor sentiment. Oil and Gold soared while cryptocurrencies were volatile.
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US equities gave back a portion of the previous week’s gains, as uncertainty over the incoming administration’s policies appeared to continue driving the so-called Trump Trade. Financials and energy shares continue to benefit from hopes for deregulation and merger approvals. Likewise, the price of Bitcoin had surged by nearly a third since the eve of the election, as investors anticipated looser regulation of digital currencies. Conversely, health care shares fell sharply following news that Robert F. Kennedy, Jr., would be Trump’s nominee to head the Health and Human Services Department (HHS). On the macro side, yoy US headline inflation rose for the 1st time since March, from 2.4% to 2.6%. PPI data came in above expectations.