Market Update April 26, 2024

It’s been a rollercoaster week for the market. At the close of market on Thursday, the S&P 500 was up 1.75% for the week and 6.01% year-to-date. According to the advance estimate, real gross domestic product increased at an annual rate of only 1.6% in the first quarter of 2024. In the fourth quarter of 2023, real GDP increased 3.4%

According to JPMorgan Chase & Co. strategists, of those companies that have reported earnings, almost 80% of the S&P 500 firms surpassed analysts’ estimates. Stock price reactions have been underwhelming with better-than-expected results seeing below average upside, while those missing estimates are being penalized by more than usual. The magnificent 7 have reported mixed earnings. Meta disappointed Wall Street and sold off while Alphabet, Microsoft, and Tesla rose following their earnings. Apple, Amazon, and Nvidia are expected to report at a later date.

We continue to be cautious in the market. We’re currently holding more cash than usual – which continues to yield 5% – as we evaluate buying opportunities.

https://www.bea.gov/news/blog/2024-04-25/gross-domestic-product-first-quarter-2024#:~:text=Real%20gross%20domestic%20product%20increased,real%20GDP%20increased%203.4%20percent.

This story was produced with the assistance of Bloomberg Automation.