Stocks Continue Sideways Move in April Array ( [cookie] => 596a25-805399-724db3-06fc84-1cfaa6 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 208285 [user_id] => [reason] => [method] => ) 1 and can accesss

“To hell with circumstances; I create opportunities.”
~ Bruce Lee

Good evening:

The story of the past few weeks has been one of sideways chop: The S&P 500 is virtually unchanged from where it began April at 4,124. Over the past six months, the benchmark is up about 10%, and it’s still up nearly 8% year-to-date, despite bearish sentiment, banking woes, inflationary pressure, and recession fears. Pick a negative headline -- it’s probably flashed across the news this year. But thus far, big bank earnings have been largely positive, while the Fed’s interest-rate hiking campaign continues to trickle in markets. Overall, it was another quiet week. 

Unemployment remains near a record low, but the labor market has softened. Home sales in March fell 21% year-over-year amid low inventory, high mortgage rates, and buyers and sellers alike who refuse to move. More importantly, inflation is falling. Since the inflation rate peaked last June, each of the past 10 annualized inflation readings has been lower than the previous level. 

“I think overall, it just shows you businesses are managing through this pretty well,” said Tom Lee, Head of Research. “I don't think the economy is as dire as many people think it might be. So I think it's been better than expected.”