Market Commentary
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The CPC Team
August 19, 2024
April 2023 Economic and Market Highlights
- The Dow Jones Industrial Average experienced its best month since January, with a 2.5% increase in April. Residual concerns about the health of regional banks weighed on the Russell 2000, which ended the month down 1.8%. International developed companies enjoyed a stellar monthly return of 2.8%.
- At the midpoint of earnings season, 79% of S&P 500 companies beat expectations. This rate tops the five-year average of 77%.
- U.S. GDP growth slowed down to an annualized rate of 1.1% in Q1 2023, falling short of economists' forecasts of 2% and marking a significant decrease from the 2.6% growth in Q4 2022, reflecting the impact of high interest rates on the economy.
- The core personal-consumption expenditures (PCE) price index rose by 4.6% YoY in March, indicating that inflation is still running above the Federal Reserve's 2% target, potentially prompting a 25 basis point (0.25%) interest rate hike at the May meeting.
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