It was a mixed week for US equity indexes, with net weekly changes ranging from +1.5% (Nasdaq comp'), +0.5% (SPX), +0.3% (R2K), -0.4% (Dow), -1.1% (NYSE comp'), to -6.8% (Trans).
Lets take our regular look at six of the main US indexes (weekly candle charts).
sp'500
Nasdaq comp'
Dow
NYSE comp'
R2K
Trans
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Summary
Three indexes were net higher for the week, with three net lower.
The Nasdaq was sig' higher, whilst the Transports was powerfully lower (if skewed due to Avis).
The SPX, Nasdaq, R2K, and Transports broke new historic highs.
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Looking ahead
An exceptionally busy week is ahead, with a truck load of earnings, econ-data, and an FOMC.
Earnings:
M - $VZ $ACMR $DPZ $BFST $FULC $DEA $ARLP $LKFN $NWFL $BMRC $CLS $RMBS $CDNS $ARE $BRO $LC $NUE $CR $CTOS $AMKR
T - $UPS $KO $GLW $SPOT $ECL $GLXY $GM $HLT $AB $CNC $HOOD $BE $STX $TER $$V $ENPH $OPK $MDLZ $CSGP $NXPI
W - $SOFI $APH $HUM $CAR $REGN $JKS $EAT $CNI $CSTM $ABBV $MSFT $AMZN $META $GOOGL $F $QCOM $CMG $KGC $BN $KLAC
T - $COG $CAT $VLO $W $LLY $MA $MO $MRK $BMY $CI $AAPL $SNDK $WDC $RDDT $AXTI $RIVN $MTZ $RIOT $AMGN $FSLR
F - $XOM $CVX $CL $MRNA $EL $LYB $D $FLGT $TPG $LIN
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Econ-data/events
M --
T - Case-Shiller HPI, consumer conf'
W - Durable goods orders, housing starts, building permits, Intl' trade, retail & wholesale invent', EIA Pet', *2pm FOMC announcement, with Powell's last press conf' at 2.30pm
T - Q1 GDP (print 1), Weekly jobs, employment cost, Pers' income/spending, PCE, Chicago PMI, leading indicators
F - -
*as Thursday is end month, I'd expect more dynamic price action on higher vol'.
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Final note
With a trio of historic highs, it has to be seen as a net bullish week for the market. The gains are more impressive, considering the war.
Speaking of which, the key concern should be the middle east, as resumed hostilities appear an eventuality.
Even if the Strait of Hormuz was magically opened immediately, various problems will worsen into June... not least jet fuel shortages. The grandest concern should be fertiliser and the global food supply, but very few want to break that taboo.
One thing is certain... we'll need more popcorn for episode 2026 of Planet Krazy.
Have a good weekend
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*the next post on this page will likely appear 6pm
EDT on Monday.
