Rover's Weekly Market Brief - 04/12/2024

How To Find Top Performing Stocks

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Today we want to highlight Finding Top Performing Stocks.

Economy

The Labor Department reported the consumer price index increased (+0.4%) in March, this follows seasonally adjust readings of (+0.4%), (+0.3%), and (+0.2%), over the previous months. The all items index has increased (+3.5%) over the last 12 months. This compares to readings of (+3.2%), (+3.1%), and (+3.4%) over the previous months. Over fifty percent of the all items increase is attributable to a (+0.4%) rise in the shelter index, which has increased 47 consecutive months, and a (+1.7%) increase in the gasoline index. Before seasonal adjustment gasoline increased (+6.4%). The food index rose (+0.1%) and follows readings of (0.0%), (+0.4%), and (+0.2%) over the previous months. The energy index increased (+1.1%) as increases in the indexes for gasoline (+1.7%) and electricity (+0.9%) were partially offset by a decrease (-1.3%) in the fuel oil index. Core CPI inflation which excludes food and energy increased (+0.4%) in March and follows readings of (+0.4%), (+0.4%), and (+0.3%) over the previous months. The annual rate of core CPI inflation increased (+3.8%) as compared to (+3.8%), (+3.9%), and (+3.9%) over the previous months. Core goods prices decreased (-0.2%) and core services prices rose (+0.5%). The shelter index increased (+5.7%) year over year, contributing to roughly sixty percent of the total 12-month increase in Core CPI. Other indexes with significant increases over the last year include motor vehicle insurance (+22.2%), medical care (+2.2%), recreation (+1.8%) and personal care (+4.2%).

The Labor Department reported a decrease in initial jobless claims for the week ending April 6. The seasonally adjusted initial claims declined to 211,000, a decrease of 11,000 from the previous week’s upwardly revised level. The four-week moving average, which smooths out volatility, was 214,250, a decrease of 250 from the previous week’s upwardly revised average. According to the unadjusted data Iowa (-1,399), Maryland (-719), and Ohio (-610) led the decrease in initial claims; while New Jersey (+4,190), New York (+2,612), and Pennsylvania (+1,739) led in increases. On an unadjusted basis, claims increased (+17,037) to 214,386. Of the 53 states and U.S. territories that report jobless claims, 19 reported decreases and 34 reported increases or no change. For the week ending March 30, the insured unemployment rate was 1.2%, unchanged from the previous week’s unrevised rate. The total number of people collecting unemployment benefits reported in at 1.817M, up 28,000 from the previous week’s downwardly revised level. The continuing claims’ 4-week moving average was 1.803M, an increase of 3,500 from the previous week’s downwardly revised level. For the week ending March 23, 1.966M people were receiving jobless benefits through state or federal programs, a decrease of 72,582 from the previous week. There were 1.872M weekly claims filed for the comparable week in 2023.

The Labor Department reported that the producer price index for final demand, which measures the prices that producers pay for goods and services, increased by a seasonally adjusted (+0.2%) in March. This follows readings of (+0.6%), (+0.4%), and (-0.1%). On an unadjusted basis, the index for final demand increased (+2.1%) for the 12 months ending March 2024, the largest reading since (+2.3%) for the 12 months ending April 2023. The index for final demand services rose (+0.3%). This follows readings of (+0.3%), (+0.6%), and (-0.1%). A (+3.1%) increase in the index for securities brokerage, dealing, investment advice, and related services was a major contributor to the rise in prices for final demand services. The index for final demand goods fell (-0.1%). This follows readings of (+1.2%), (-0.1%), and (-0.1%). Most of the decrease in prices for final demand goods is attributable to a (-1.6%) decline in prices for final demand energy, as the price of gasoline fell (-3.6%). Excluding food and energy, the so-called core PPI increased (+0.2%) for the month. This follows readings of (+0.3%), (+0,5%), and (0.0%). The core PPI is up (+2.4%) from a year ago. Excluding food, energy and trade services, PPI rose (+0.2%). This follows readings of (+0.3%), (+0.6%), and (+0.3%) over the previous months.

Upcoming Economic Reports:

Monday April 15 – Retail Sales (MoM) (March)

Thursday April 18 – Existing Home Sales (MoM) (March)

Earnings Calendar:

 

Monday	Tuesday	Wednesday	Thursday	Friday
Goldman Sachs Gr (GS)	Johnson & Johnson (JNJ)	Abbott Laboratories (ABT)	D.R. Horton (DHI)	American Express (AXP)
Charles Schwab (SCHW)	UnitedHealth Group (UNH)	CSX (CSX)	Netflix (NFLX)	Procter & Gamble (PG)