The markets fell on the week as each of the 5 major indices closed lower. The S&P 500 started flat on Monday before falling on Tuesday. Wednesday saw the lows of the week before beginning the climb back up to unchanged for the last full week of April. By Friday’s close, the market hand ended 0.23 points lower for the week.
In a bit of a surprise, the value segments of the style boxes managed to generate some gains for the week, despite being some of the weakest segments so far this year.
Economic news took a back seat last week when the leaders of North and South Korea met at their common border for a historic meeting on Friday. Each leader stepped inside each other’s country to shake hands as a sign of peace. Additionally, they announced plans to reach an official end of the Korean War which began on June 25th, 1950.
As a further sign of unity, North Korea announced over the weekend that they would be shifting their time zone by 30 minutes on May 5th to align with South Korea.
Meanwhile, back stateside earnings season continues to heat up as more than a third of the S&P 500 companies released their results. Bloomberg reports that as of Friday’s close, 80% of S&P 500 members have beat their forecasts.
Despite the positive earnings news, only 7 out of 11 Sectors closed with gains on the week. Industrials was hit especially hard, pulling the YTD number back into the red for the sector.
Commodities also pulled back on the week as both Aluminum and Gold gave back all their year to date gains and then some as both industrial and precious metals took on losses.
Finally, the preliminary reading of first quarter GDP came out on Friday, showing an annualized increase of 2.3%. This did serve as a slight beat of the 2% expected but was still a step back from 4th quarter’s reading of 2.9%.