So what happened in April?
U.S. stock indexes rise; Nasdaq out front
Tech up most among S&P sectors; materials biggest laggard
STOXX 600 falls 0.2%
Dollar dips, crude flat; gold off <1%; bitcoin up ~3%
U.S. 10-year Treasury yield near flat at 4.59%
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SO WHAT HAPPENED IN APRIL?
Investors saw the S&P 500 .SPX fall in April in its first monthly decline since October 2023 after a "98th percentile 5-month rally," while the 10-year Treasury yield rose and international equities outperformed U.S. stocks, writes Savita Subramanian, equity & quant strategist at BofA Securities.
For the month, the 10-year yield was up 49.6 bps, its largest monthly gain since September 2022.
But what else happened in April was that inflation concerns became the biggest headwind, and while news counts on stagflation rose to the highest level since June 2022, she writes.
What's more, sector performance in April also points to stagflation concerns, with utilities .SPLRCU and energy .SPNY outperforming, she writes.
"These sectors have outperformed the most during historical stagflation regimes and were also the best-performing sectors in 2022 amid stagflation concerns," she notes, adding that real estate underperformed thanks to higher rates while technology also underperformed in April.
(Caroline Valetkevitch)
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FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
THURSDAY DATA: PRELUDE TO PAYROLLS - CLICK HERE
WALL STREET EYES A DOVISH WAIT - CLICK HERE
U.S. INDEX FUTURES CLIMB EARLY AS INVESTORS DIGEST FED - CLICK HERE
A BALANCING ACT TO LURE INFLOWS INTO UK EQUITIES - CLICK HERE
THE UK HAS ITS PREMIUM STOCKS TOO! - CLICK HERE
POST-DATA PRICE ACTION SUGGESTS STAGFLATION FEARS - UBS -CLICK HERE
SCOPE FOR MORE EPS UPGRADES IN EUROPE - BOFA - CLICK HERE
STOXX GOING NOWHERE, "LOW QUALITY BEAT" FOR NOVO - CLICK HERE
EUROPE EYES MUTED START POST-FED - CLICK HERE
INTERVENE, RINSE, REPEAT - CLICK HERE
Wall Street rises as investors read Fed tea leaves https://tmsnrt.rs/4doojBv
Productivity and labor costs https://reut.rs/4bnxxfN
Jobless claims and planned layoffs https://reut.rs/4dljn0q
Trade balance https://reut.rs/4a4911W
Factory orders https://reut.rs/4b4N0S3
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