Author: Zac Martin, Investment Associate
Week Ending April 19th – Change Up
- New Residential Construction for March reported a decrease in both Housing Starts and Permits (1,321K & 1,458K). Both decreasing at a faster rate then analysts were expecting.
- FED Governor Bowman’s opening remarks for the 2024 Regional and Community Banking Conference, the Governor’s remarks highlighted the need for banks to maintain emergency contingency funding plans.
- Leading Economic Index fell in March, by 0.3 to 102.4. This decrease was driven by the negative yield curve, weakness in building permits, consumer sentiment, and new orders.
- Earnings Recap: Earnings so far have been mixed. While 74% of reported companies have beat earnings, forward guidance has been weak. For example, Netflix beat in overall new subscribers but lowered guidance. Bank’s have reported weaker Net Interest Income and a tighter loan environment. Industrial’s such as United Airlines & CSX see stronger demand and higher volumes.
The week ahead:
- GDP First Preliminary (4/25)
- Personal Consumption Expenditures (4/26)
- Earnings: VZ, NUE (4/22), PEP, UPS, GE, TSLA,V (4/23), T, BA, ODFL, META, CMG (4/24), CAT, MSFT, WDC, INTC, GOOGL (4/25).
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