Rover's Weekly Market Brief - 05/17/2024

Weekly Indices

DJIA: 40,003.39 (+1.24%)

NASDAQ: 16,685.97 (+2.11%)

S&P 500: 5,303.27 (+1.54%)


Gold: 2,420.50 (+2.11%)

Copper: 508.00 (+9.19%)

Crude Oil: 79.53 (+1.47%)

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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 (+0.5%) in April, following a downwardly revised (+0.1%) in March. The index for final demand services rose (+0.6%), the largest increase since July ’23, contributed to 70% of the gain in the headline number. The index for final demand goods rose (+0.4%) after dropping (-0.2%) in March. Much of the increase in final demand goods was driven by a (+5.4%) jump in gasoline prices. The final demand index for food decreased (-0.7%). Excluding food and energy, the so-called core PPI increased (+0.5%) for the month. Excluding food, energy and trade services, PPI rose (+0.4%). Year over year the PPI moved up (+2.2%), the largest increase since April ’23. Core PPI inflation moved up (+2.4%), the biggest annual move since August ‘23.

The Labor Department reported the consumer price index increased (+0.3%) in April this follows a seasonally adjust readings of (+0.4%) in March. The all items index has increased (+3.4%) over the last 12 months, a slowing from (+3.5%) the previous month. Over seventy percent of the increase in the CPI is attributable to a (+0.4%) increase in the shelter index and a (+2.8%) jump in the gasoline index. Offsetting the increases were decreases in the indexes for food at home (-0.2%) and used cars (-1.4%). Core CPI inflation which excludes food and energy increased (+0.3%) in April, after rising (+0.4%) in March. The annual rate of core CPI inflation increased (+3.6%) as compared to (+3.8%) the previous month. Other indexes with significant increases over the last year include motor vehicle insurance (+22.6%), medical care (+2.6%), personal care (+3.7%), and recreation (+1.5%).

The Commerce Department reported advance U.S. retail and food services sales were virtually unchanged at $705.2B in April, this follows a revised reading of (+0.6%) instead of (+0.7%) for March. Retail sales were up (+3.0%) year over year. Total sales for February 2024 through April 2024 were up (+3.0%) year over year. Retail sales are mostly goods and are not adjusted for inflation. Excluding sales at auto dealerships and gas stations, sales edged down (-0.1%). Gasoline led the way in sales increases (+3.0%), while internet retail (-1.2%) led in sales declines. Restaurants, the only services category increased (+0.2%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services fell (-0.3%) in May and follows a revised (+1.0%) reading the previous month.

Upcoming Economic Reports:

Wednesday May 22- New Home Sales (April)

Friday May 24 – Durable Goods Orders (MoM) (April)

Earnings Calendar:


Monday Tuesday Wednesday Thursday Friday
Palo Alto
Booze Allen
Dollar Tree

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