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John Hancock: Weekly Market Recap Week Ended March 29

April 2, 2024

 

Commodity rally

Gold and oil posted solid weekly gains, extending a run of recently strong results for both commodities. Gold spot prices on Friday were around $2,230 per ounce, a record high. U.S. crude oil was trading around $83 per barrel, up from around $81 at the end of the previous week and around $71 at the start of 2024.

 

Inflation moderation

Friday’s reading from the U.S. Federal Reserve’s preferred gauge for tracking inflation showed that consumer prices rose at a much slower pace than they had been a few months earlier. The Personal Consumption Expenditures Price Index rose at a 2.8% annual rate in February, excluding food and energy prices. That result was unchanged from the previous month’s figure, which was the slowest increase since March 2021.

 

Q1 earnings expectations

Expectations are modestly positive heading into earnings season, which opens in mid-April as major banks begin reporting first-quarter results. As of Thursday, analysts surveyed by FactSet were expecting companies in the S&P 500 to post an average earnings increase of 3.6% compared with the same period a year earlier—potentially the third consecutive quarter of year-over-year earnings growth.

 

Jobs ahead

A monthly labor market report due out on Friday will show whether the recent trend of better-than-expected jobs numbers extended into March. In February, the economy generated 275,000 new jobs—above the roughly 200,000 that most economists had been expecting. The unemployment rate rose to 3.9% and wage growth slowed.

 

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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