- U.S. equity markets delivered broad-based this week- snapping a dismal skid of seven straight weekly declines - following solid retail and housing earnings results and inflation data showing signs of peaking price pressures.
- Climbing out of "bear-market" territory with its best weekly gains since November 2020, the S&P 500 soared 6.6% while the tech-heavy Nasdaq 100 rebounded 7.1%, trimming its drawdown to under 25%.
- Led by a sharp rebound in the hotel and retail property sectors and lifted by another wave of REIT dividend hikes, Equity REITs advanced 5.8%, their best week since May 2020.
- Peak Inflation? The PCE Index increased 6.3% in April from a year ago, slowing from the 6.6% pace last month. Notably, the month-over-month increase of 0.2% in April was the smallest increase in a year and a half.
- Homebuilder Toll Brothers surged after reporting better-than-expected results and maintaining its full-year outlook, which calls for revenue growth of 20% this year, refuting dire housing market forecasts.
For further details see:
Peak Inflation