Rover's Weekly Market Brief - 04/26/2024

Weekly Indices

DJIA: 38,239.66 (+0.67%)

NASDAQ: 15,927.90 (+4.23%)

S&P 500: 5,099.96 (+2.67%)


Gold: 2,350.50 (-2.23%)

Copper: 457.00 (+1.64%)

Crude Oil: 83.65 (+1.78%)

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The U.S Census Bureau reported that sales of newly built homes increased 8.8% in March. The seasonally adjusted annual rate of 693,000 is up 8.3% from a year earlier. All regions reported sales increases, as the Northeast lead with a (+27.8%) jump. The average sale price for a new home sold in March was $524,800, up from $488,600 the previous month. The median new home sales price increased to $430,700 from $406,500 the previous month. There were 477,000 new homes for sale as of the end of March, the majority of which were under construction (282,000). The supply of new homes for sale decreased to an 8.3-month supply, as compared to 8.8 months in February. The supply of new homes for sale was 8.1 months a year earlier.

The U.S. Census Bureau reported that new orders for manufactured durable goods increased (+2.6%) to a seasonally adjusted $283.4 billion in March. This followed a downwardly revised (+0.7%) February reading. New orders for autos (+2.1%) and passenger planes (+30.6%) were the primary contributors. On a year over year basis, new orders for manufactured durable goods are up (+0.3%). Excluding transportation, new orders were up (+0.2%) month over month. Ex-defense orders increased (+2.3%) month over month. Core capital goods orders, which exclude the volatile aircraft and defense orders increased (+0.2%), this follows a downwardly revised (+0.4%) reading for February. Shipments of manufactured durable goods were flat at a seasonally adjusted $282.3B in March and up (+1.2%) year over year. Core capital goods shipments increased (+0.2%) in March, following a (-0.6%) reading the previous month, and up (+1.7%) year over year.

The Commerce Department’s first estimate on the first-quarter gross domestic product (GDP) growth reported the economy expanded at an annual rate of (+1.6%), a significant deceleration from the (+3.4%) registered in Q4. Fixed investment along with government spending at the state local level were responsible for adding 1.13 percentage points (pp) to the GDP. Net exports subtracted 0.86 pp from the GDP, while consumer spending contributed 1.68 pp. Consumer spending, as measured by personal consumption expenditures rose (+2.5%) in Q1. The personal consumption expenditures price index increased at a (+3.4%) annual rate, its biggest gain in a year. While goods prices registered a decline (-0.5%), services prices accelerated to a (+5.4%) annual rate. Excluding food and energy, core prices for personal consumption expenditures, a preferred measure of inflation by the Fed, rose (+3.7%) in Q1.

Upcoming Economic Reports:

Wednesday May 1 – Fed Interest Rate Decision

Friday May 3 – Unemployment Rate (April)

Earnings Calendar:


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Eli Lilly and Co

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