Markets
Stocks were mixed last week as investors gauged potential outcomes of the Middle East conflict amid an ongoing ceasefire.
The Standard & Poor’s 500 Index rose 0.55 percent, while the Nasdaq Composite Index advanced 1.50 percent. By contrast, the Dow Jones Industrial Average fell 0.44 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, declined 2.75 percent.¹²
Mixed Markets as Investors Look Ahead
Stocks began the week lower after tensions in the Middle East escalated over the weekend. They remained under pressure through Tuesday’s close as Wednesday’s expiration of the ceasefire loomed.³
Markets opened higher on Wednesday as investors cheered a ceasefire extension, while solid Q1 corporate earnings results boosted momentum. Oil prices rose above $100 per barrel, and all three major stock averages closed higher, with the S&P 500 and Nasdaq logging new all-time highs.⁴
The S&P and Nasdaq recovered from a slump in software stocks, while higher oil prices put stocks under pressure, even as markets logged fresh intraday highs along the way. Investors appeared increasingly desensitized to the Middle East conflict.⁵⁶
Consumer Paradox
Fresh data on Friday showed consumer sentiment slipped to an all-time low in April. Consumers may be reacting to inflation, the job market, and geopolitical tensions.⁷
However, the paradox is that consumers keep spending. Last Tuesday’s retail sales report showed spending rose 1.7 percent in March—the highest monthly increase in more than three years.⁸
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