Market Direction Weekly Closing Numbers

The economy

Two weeks ago, the stock market was propelled to its sixth gain in seven weeks by dovish remarks from Fed Chair Janet Yellen. However, equities were unable to build on their recent strength, ending the past week on a lower note. The S&P 500 surrendered 1.3%, narrowing its 2016 gain to 0.1%, while the Nasdaq Composite also lost 1.3% for the week to extend its 2016 decline to 3.1%.

Investors did not receive any market-moving economic data over the past week, but with the market having reclaimed its entire slide from January on the back of increasing dovishness from global central banks, market participants began asking what that dovish tilt implies about global economic growth prospects. One did not have to look far for signs of slowing growth as the Atlanta Fed GDPNow model for the first quarter was revised down to 0.1% on Friday.

The stock market hit its lowest level of the week on Thursday during a session that was rife with risk-off moves. To that point, stocks retreated while Treasuries surged, dropping the 10-yr yield to 1.69% (from 1.79% on Friday). Furthermore, a continuation of week-long yen strength pressured the dollar/yen pair to its lowest level since late 2014 (107.68) while gold jumped into the neighborhood of its 2016 high near $1,250/ozt.

For its part, crude oil struggled at the start of the week, but a sharp rally ahead of the weekend ensured a higher weekly finish for the commodity, which closed the week just below $40.00/bbl. Eight sectors finished the week with losses between 0.5% (consumer staples) and 2.9% (financials) while energy and health care registered respective weekly gains of 2.2% and 0.9%.

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By the numbers the weekly closing index numbers compared to the initial sign-up and subscribe recommendation closing numbers: 

Stock Market Closing Numbers
compared to Recommendation Numbers
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Dow Jones	?	?	?
Nasdaq	?	?	?
S&P 500	?	?	?

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