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John Hancock: Weekly Market Recap Week Ended May 10th

May 14, 2024

 

Brighter earnings outlook

As the current first-quarter earnings season nears an end, expectations for pending results from the second quarter have recently been rising. Over the course of April, analysts lifted their earnings-per-share estimates for second-quarter results by 0.7%, according to FactSet. It’s the first time in more than two years that estimates have risen—rather than decreased—during the first month of a quarter.

 

Sagging sentiment

The recent trend of higher-than-expected inflation numbers appears to be weighing on U.S. consumers, as a measure of consumer sentiment fell sharply. The University of Michigan’s sentiment survey for May posted a preliminary reading of 67.4, down from 77.2 in April. Friday’s survey results also showed that consumers expect the inflation rate to rise rather than fall. 

 

Softening labor market?

New filings for unemployment benefits rose to the highest level in more than eight months. The latest weekly update from the U.S. government recorded about 231,000 unemployment claims, up from 209,000 the prior week. The results follow a recent slowdown in U.S. jobs 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 April. Last month’s CPI report showed an annual rate of 3.5% in March, up from 3.2% the previous month. Excluding volatile food and energy prices, core inflation rose 3.8% in March. 

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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.