Chart of the Week
Analysts expect stronger earnings over the next year following a decline in 2023.
Over the past six months, US and emerging markets have improved. International equities (measured by the MSCI EAFE + Canada Index) remained flat.
Stocks went higher since the lows in October 2023. It is not just lower interest rates and improved multiples pushing stocks higher. Fundamental increases in earnings are also a big factor, particularly for large caps which are leading the way.
What We’re Reading
The Dumber Side of Smart People – Morgan Housel
Is Private Equity Ready for College Sports? – Institutional Investor
Guide to Retirement 2024 – JPMorgan
Plan Sponsor Priorities for 2024: A Seven-Item Checklist – CFA Institute
Podcast of the Week
What Russia Tells Us About the Future of the Global Order & What Investors Need to Know – Bridgewater
Last Week
Inflation surprised on the upside in both reports for the January and February consumer price index. Markets are wondering if services inflation will remain higher for longer. Retail sales came in low in February, while employment showed strength with steady jobless claims.
The Week Ahead
The Fed meeting on Wednesday will have participants looking at the Fed’s forecast for growth and interest rate cuts. Some economists expect the Fed to increase forecasts for GDP while possibly lowering interest rates to two. Last quarter, the Fed expected three interest rate cuts in 2024.
Thank you for reading.
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