Markets in a Minute - "a Lack of Further Progress"

Insights | Markets in a Minute - "a Lack of Further Progress"

Author: Zac Martin, Investment Associate.

Week Ending May 3rd – “A Lack of Further Progress”



  • The Fed announced in May’s FOMC meeting that the Fed Funds Rate will remain unchanged; however, Chair Powell stated that it is unlikely the next move will be a hike.
  • JOLTS for March saw a decrease in the amount of job openings to 8.48Mil, down from 8.8Mil in February. Additionally, Layoffs ticked higher to 1.5Mil, while Quits and Hires decreased by 480K & 455K.
  • Unemployment & Non-Farm Payrolls for April came in much lighter than expected (175k Jobs added). Additionally, the Unemployment rate ticked higher to 3.9%.
  • Consumer Confidence for April took an unexpected and sharp slide to 97, from 103. This dive was led by increasing pessimism around the labor market and real income.
  • Earnings Recap: Semiconductors have generally seen strong earnings due to higher AI investment related costs (ON, QCOM, NXPI, AMD). Restaurants highlighted a weakening consumer (MCD, YUM, SBUX). Amazon saw better than expected AWS sales, and Apple’s iPhone sales were also better than expected.

The week ahead:

  • Earnings: O, SPG, VRTX, MCHP (5/6), DIS, DUK, ANET (5/7), ABNB, UBER (5/8).

HORAN Capital Advisors, LLC is an SEC registered investment advisor. The information herein has been obtained from sources believed to be reliable but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities. HCA and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.