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John Hancock: Weekly Market Recap Week Ended May 24

May 29, 2024

Earnings season recap

With 96% of first-quarter earnings results in as of Friday, companies in the S&P 500 were recording an average earnings increase of 6.0% versus the same quarter a year earlier, according to FactSet. If that result ends up being the final number, it would mark the strongest growth rate since the first quarter of 2022. 

 

Higher-for-longer Fed

An unspecified number of U.S. Federal Reserve policymakers indicated a willingness to tighten monetary policy further rather than loosen it if inflation risks re-escalate, according to Wednesday’s release of minutes from the Fed meeting that concluded on May 1. The prospect of an additional interest-rate increase was discussed as policymakers weighed recently mixed inflation readings. 

 

Housing setback

U.S. sales of existing homes fell unexpectedly in April amid twin challenges from high mortgage rates and high home prices. The National Association of Realtors reported on Wednesday that sales dropped 1.9% to a seasonally adjusted annual rate of 4.14 million units. Most economists had expected a monthly sales increase. 

 

GDP update ahead 

Thursday’s scheduled release of an updated U.S. GDP estimate will be among the most closely watched economic reports of the holiday-shortened week. An initial estimate released in late April indicated that GDP expanded at an annual rate of 1.6% in the first quarter, down from a 3.4% figure in last year’s fourth quarter.

 

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

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