Stocks ended an abbreviated trading week with mixed results as U.S. markets closed early in observance of Good Friday. Investors balanced ongoing trade negotiations, uncertainty over interest rates, and fears of the unknown. Early optimism surrounding big tech shares, driven by hopes of tariff exemptions for electronic imports, faded as megacap tech stocks declined. Ultimately, only the Russell 2000 and Global Dow finished the week positively, while the S&P 500 declined by 1.50%.
Retail sales rose significantly in March, increasing 1.4% following a modest 0.2% rise in February. Year-over-year, retail sales have grown by 4.6%. The national average gasoline price decreased by $0.075 to $3.168 per gallon, significantly lower than one year ago. Lower oil prices help mitigate tariff-related inflationary pressures.
Looking Ahead
Economic data on home sales and the Purchasing Managers’ Index (PMI) could take a backseat to policy headlines. Tesla, Chipotle, Google, and Intel are among the many companies that report this week. Most companies have paused guidance around policy uncertainty, further complicating valuations. With the day-to-day uncertainty, trying to time or trade this market is a gamble. Holding to investment principles of quality, diversification, and a long-term perspective is key.
For a more detailed analysis of last week’s markets and economic trends, check out the latest issue of Market Week.
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Regards,
David Bennett