Weekly Market Snapshot1

News Last Week

  • Speaking from University of Michigan Ford School of Public Policy, Federal Reserve Chairwoman Janet Yellen commented that consumer spending is one of the major drivers of the economy’s moderate pace of growth. She also stated that the labor market is not currently at full employment.
  • The Organization of the Petroleum Exporting Countries (OPEC) released its monthly oil market report. The group’s report revealed a production level of 31.93 million barrels of oil in March. This marks a production decrease of 153,000 barrels a day from prior levels.
  • Pier 1 Imports reported an increase in fourth quarter profits of 34 cents a share, slightly above estimates of 33 cents per share. Despite the positive results, the company projected steeper-than-expected losses for the first quarter, pressuring its shares—down more than 4% in after hours trading on Wednesday—as a result.
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  • Several large U.S. banks reported higher than expected earnings for the quarter. J.P. Morgan Chase reported quarterly earnings of $1.65 per share versus an estimate of $1.52. Citigroup reported $1.35 per share versus an estimate of $1.24. PNC Financial reported $1.96 per share versus an estimate of $1.83. Wells Fargo reported $1.00 per share versus an estimate of 96 cents.
  • Thursday: For March the Producer Price Index (PPI) showed a year-over-year gain of 2.3%.
  • Friday: Consumer Price Index (CPI) for March unexpectedly dropped 0.3% month-over-month, Energy, communications, apparel and transportation were among the weakest performers contributing to the unexpected decrease. CPI year-over-year is up 2.4%. When the more volatile categories of food and energy are excluded CPI was up 2.0% year-over-year.
  • Friday: Retail Sales for March slowed with a 0.2% reduction versus a flat consensus estimate. Auto and gas sales were down 1.2% and 1.0% respectively; when they are excluded, retail sales were only up 0.1% in March despite strong consumer confidence.
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News Next Week

  • Tuesday: Housing Starts for March will be reported at 8:30am
  • Tuesday: Industrial Production for March will be reported at 9:15am
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  • Friday: Existing Homes Sales for March will be reported at 10:00am

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