Sector performance experienced similar successes, though results were not uniform. Technology led by a wide margin, up more than 20%, followed by Real Estate in second, up 8.7%. Energy, which spiked by 10% in March, lagged in April, down 2.6% as work towards a resolution with Iran hangs in the balance.
The Federal Reserve’s next meeting is scheduled for June 17th, though expectations for any rate cut remain muted at less than 5%. Nonfarm payrolls grew by an unexpected 178,000 jobs in the same period which the unemployment rate dropped by 0.1 percentage points to 4.3%.
The Median Sales Price of Existing Homes increased to $408,800, as the US inflation rate increased by 0.90% MoM to 3.3%, its largest monthly jump since April 2021. Core inflation experienced a more modest increase of 0.10% to 2.60%.
Treasury yields rose slightly in April, apart from the short end of the curve. The 3-, 5-, 10-, and 30-year all ticked up by exactly 10 basis points for the month, while the 6-month fell by a single basis point.
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