From the Desk - Economic Commentary
Brandon Casey, Member Strategist - 4/26/2024
U.S. stocks are higher Friday as stocks are rallying on strong corporate earnings. Both the S&P 500 and Nasdaq are up over 1%, while the DJIA is roughly 0.5% higher. All three major averages appear headed for a winning week. The S&P 500 is currently on a three-week losing streak and the Nasdaq is on a five-week losing streak.
Looking at economic data today, Core PCE was up 0.3% in March and 2.8% over the last year, just above expectations of 2.7%. Headline PCE was also up 0.3% for the month and 2.7% higher from a year ago. Consumer spending was up 0.8% for the month, just above expectations, and personal incomes rose 0.5%, in line with estimates.
U.S. Treasury yields are lower this morning, with the 2-year Treasury yield down 1.7 basis points to 4.98%, the 5-year Treasury yield down 4.2 basis points to 4.68%, and the 10-year Treasury yield down 5.1 basis points to 4.66%. The shortest-term advance rates are marginally higher, while the rest of the curve is lower today.
Subscribe to our daily From the Desk newsletter to get economic commentaries and updated advance rates sent directly to your inbox.
Subscribe Here