Financial News and Portfolio Management Discussion through May 21st

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

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.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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