US stocks ended another week lower with the Dow down for its seventh straight week as fears of a recession pushed markets lower. The S&P 500 fell 3.0% for the week and the Dow ended the week 2.9% lower. Foreign markets rebounded from weeks of decline with the FTSE All World Ex US up 1.9% for the week. US crude ended the week at $110.69 per barrel slightly up from $110.35 the week prior. The 10-year Treasury yield declined to 2.79% down from 2.94% the week prior.
CPI increased by 8.3% in April v. the expected 8.1% but was a decline from March’s 8.5% increase, a sign inflation may be peaking. On a monthly basis, seasonally adjusted CPI increased by 0.3% compared to a 1.2% increase in March.
China’s CPI increased by 2.1% in April from a year earlier, slightly above the expected 2% increase. The increase was the biggest jump in five months, accelerating from March’s 1.5% increase.
US seasonally adjusted retail sales rose for a fourth consecutive month, up 0.9% in April compared to March. Industrial production increased by 1.1% in April for a fourth straight month of gains.
US housing sales declined for a third straight month as record home prices and rapidly rising mortgage rates cool down the housing market.
Chinese retail sales declined by 11% in April from a year earlier, it was the second straight month of declines and the largest contraction since March 2020.