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Markets Down Three Weeks in a Row

Markets Down Three Weeks in a Row

April 23, 2024

The U.S. stock markets have been on a downward trend for the third week in a row, mainly due to diminished hopes for reductions in interest rates by the Federal Reserve and ongoing tensions in the Middle East. The technology sector was particularly affected, leading to poorer performance in the Nasdaq Composite. Both the Nasdaq and the S&P 500 experienced their longest run of daily losses since October 2022. Over this past week, the S&P 500 dropped by 3.04%, adding up to a 5.4% fall in April, while the Nasdaq declined by 5.52%. In contrast, the Dow Jones Industrial Average saw a slight increase.

Federal Reserve officials have hinted that any potential cuts in interest rates might be delayed until after 2024 due to persistent inflation. Additionally, the U.S. Leading Economic Indicators Index, which helps gauge future economic activity, fell in March because of negative issues like poor yield spreads and a drop in building permits.

Looking at different sectors, Utilities, Consumer Staples, and Financial sectors managed to record gains, but Technology, Consumer Discretionary, and Real Estate sectors faced significant losses. In the commodities market, the yield on Treasury bonds increased, the U.S. Dollar Index edged up slightly, gold prices rose, and U.S. crude oil prices fell.

The views stated herein are not necessarily the opinion of Cetera Advisor Networks LLC and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.