Highlights of the week ended April 14, 2017 and a look ahead to this week’s expected announcements and potential market-moving activity.
- U.S. equities finished negative for the week: The Dow Jones Industrial Average (DJIA) closed 203 points lower, or fell 1.0%, to 20,453. The Standard & Poor’s 500 (S&P 500) index fell 27 points, or fell 1.1%, to 2,329. The Nasdaq closed last week 1.2% lower at 5,805.
- Consumer Optimism Amid Uncertainty
- Last Thursday, The University of Michigan released its consumer sentiment measure which showed sentiment had reached near the highest level in the last decade. Meanwhile, The National Federation of Independent Businesses (NFIB) Small Business Uncertainty Index for March showed the second highest reading (93) in the survey’s history.
- The March headline Consumer Price Index (CPI) declined 0.3% month/month, below consensus estimates of +0.00%, while core CPI (ex-food and energy) was down 0.12%, also below expectations of +0.2%. The decline in the core CPI number was the largest since 1982.
- First quarter earnings season continues with results expected from Johnson & Johnson, United Health, Blackrock, Verizon, & General Electric. Analysts expect S&P 500 earnings to grow 9% for the quarter.