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John Hancock: Weekly Market Recap Week Ended April 5

April 9, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yields surge

The yield of the 10-year U.S. Treasury bond rose to the highest level in more than four months as the latest jobs data exerted further upward pressure amid a shifting interest-rate outlook. The yield closed around 4.39% on Friday, up from the prior week’s close of 4.20%.

 

Upside jobs surprise

High interest rates again appeared to do little to hold back the U.S. labor market, as March’s jobs gain of 303,000 exceeded economists’ expectations for around 205,000. The latest figure was the biggest in 10 months, matching the 303,000 jobs added in May 2023. The unemployment rate slipped to 3.8% from 3.9% the previous month.

 

Earnings outlook

As major banks prepare to open quarterly earnings season, analysts on Friday expected that first-quarter earnings per share for companies in the S&P 500 rose by an average of 3.2%, according to FactSet. Such an outcome would mark the third consecutive quarter of year-over-year earnings growth.

 

CPI ahead

A Consumer Price Index report scheduled for release on Wednesday will show whether a recent trend of slightly hotter-than-expected inflation extended into March. Last month’s CPI report showed an annual rate of 3.2% in February, up from 3.1% the previous month; a separate report on wholesale prices also showed slightly higher-than-expected inflation.

 

 

Source: https://wmr.jhinvestments.com/

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RISK: There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. Diversification may not protect against market risk. There is no assurance the goals of the strategies discussed will be met. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from difference in generally accepted accounting in principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Bonds and bond funds will decrease in value as interest rates rise. These and other risks are described more fully in the fund’s prospectus. CREDIT RISK: The issuer of a fixed income security may not be able to make interest and principal payments when due. The lower the credit rating of a security, the greater the risk of default on its obligation.

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Please read the prospectus carefully before investing.