Inflation concerns remained at the forefront of investors’ minds sending US stocks down. The S&P 500 declined 0.4% and Dow fell 0.5% for the week. Abroad, the FTSE All World Ex US rose 1.3% for the week. The yield on the 10-year Treasury yield was relatively flat for the week finishing at 1.63%.
Japan’s economy shrank 1.3% in the first quarter due to a surge in the coronavirus that reduced consumption.
China’s consumer spending fell short of expectations in April.
The Fed’s April meeting minutes showed the central bank wanted to discuss at a future meeting a plan to begin to reduce its bond buying program given the strong economic numbers and recent high inflation readings.
Weekly initial unemployment claims reached a new post pandemic low of 444,000.