Market Recap: PPI Cools Off, CPI Surges, Iran-Israel Conflict Impacts Oil

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Market Recap: PPI Cools Off, CPI Surges, Iran-Israel Conflict Impacts Oil

SPY
S&P 500

Last Week: -1.52%
YTD: 7.81%
1 Year: 25.66%

DIA

Dow Jones Industrial Average

Last Week: -2.37%
YTD: 1.26%
1 Year: 14.29%

ONEQ
NASDAQ

Last Week: -0.53%
YTD: 7.72%
1 Year: 34.77% 

Russell 2000

Last Week: -3.35%
YTD: -0.76%
1 Year: 14.12% 

Large Growth

YTD: 9.97%
1 Year: 37.40% 

Large Value

YTD: 4.51%
1 Year: 13.91%

Wholesale Prices

The producer price index, a measure of inflation at the wholesale level, increased 0.2% in March, this was less than the 0.3% estimated by analysts.  This increase of 0.2% was also considerably less than the 0.6% rise in February. Services was the largest gainer in the PPI measure from March. PPI is a closely watched measure, as it has a trickle-down effect on consumers and inflation pressure in the future. 

Red Hot CPI Report

The consumer price index, a major inflation gauge, rose 3.5% in March, much higher than the expected numbers. Shelter and energy costs drove the large monthly increase. The hot inflation report puts a damper on the expected rate cuts from the Fed in June. This could give them more reason to hold off and not consider a rate cut until September. When examining core CPI, which removed the more volatile categories of food and energy, core CPI still was high coming in 0.4% on the month and 3.8% from a year ago.

Iran Missile Attack

This past Saturday, Iran launched more than 300 drones and missiles against Israel. Israel with the help of their allies, was able to shoot down nearly all the drones and missiles fired towards them. Very little damage was caused by the attack. Oil prices are up nearly 50% in 2024, as we head into the busiest travel of the year this Summer. OPEC has cut output despite strong demand from countries like the United States where the economy is still growing at a strong pace. With Israel able to fend off the large-scale attack from Iran, oil prices have dropped after initial concerns of a growing conflict in the Middle East could cause a sharp spike in oil prices. U.S. President Joe Biden told Israel that the U.S. would not support a counterattack. 

  • Alex Wolfe

    Alex is a Certified Financial Planner™. He brings nearly a decade of experience working with individuals, families, and business owners. Prior to working for Base Wealth Management, Alex worked for Fidelity Investments and an independent wealth management firm in Venice, FL. Through many years of practice, he specializes in helping clients navigate their financial goals through comprehensive financial planning. He received his bachelor’s degree in economics from Texas A&M University.

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