April 22, 2024

Third Straight Weekly Loss

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Rate Cut Outlook Weakens Further

U.S. stocks fell a third consecutive week as investors struggled to shake off diminished views of Fed rate cut expectations and geopolitical volatility in the Middle East. Hurt by a 10% Friday slide in Nvidia amid a broader AI retreat, the Nasdaq Composite sharply underperformed broader markets and the S&P closed below 5,000 for the first time in two months. The Nasdaq and S&P 500 both capped a sixth straight daily decline, their longest string of losses since October 2022. Fed Chairman Powell noted last week that recent inflation data has shown a lack of further progress while Minneapolis Fed President Kashkari said rate cuts may need to be delayed until after 2024.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.