April 15, 2024

Worst Week of the Year for the Dow… Again

Latest Publications Worst Week of the Year for the Dow… Again

Sticky Inflation Dashes Rate Cut Outlook

Stocks retreated sharply on Friday’s start of the first quarter earnings season, with the Dow Industrials and S&P 500 capping back-to-back weekly losses. A hotter-than-expected consumer inflation report on Wednesday slashed hopes that Fed policymakers would begin cutting interest rates by mid-year. Cooler producer inflation offered some reassurance on Thursday, however mixed earnings from large cap banks on Friday quickly degraded investor sentiment. Friday was the S&P 500’s largest single day loss since January, down as much as 1.75% intra-day before settling with a closing loss of 1.46%.

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