Weekly Market Review April 5, 2023
The S&P 500 finished the first quarter up 7.5% despite periods of significant volatility, including the second and third largest bank failures in U.S. history. While the banking turmoil dominated headlines, tech stocks were staging a resurgence; the tech heavy NASDAQ 100 returned 20.7%, the best quarterly performance since 2020. (Source: The Wall Street Journal)
Short- and long-term yields declined during the quarter after banking sector jitters sent investors flocking for safety in U.S. Treasuries, partially relieving the 2022 valuation pressure on tech and other growth sectors. The benchmark 10-year Treasury note declined from 3.8% to 3.5% in the first quarter. (Source: Edward Jones)
Former President Donald Trump was indicted by a Manhattan grand jury last week on charges stemming from alleged hush money payments to adult film star Stormy Daniels. The news led to an initial boost in Trump's polling numbers in the Republican primary. Trump plans to surrender to New York authorities on Tuesday. (Source: Associated Press)
VC’S NEW FOCUS? NATIONAL DEFENSE – Venture capital funding in aerospace and defense technology companies didn't top $1 billion until 2015, yet topped $6 billion in both 2021 and 2022. The Biden administration is taking notice after reports of losing ground on defense innovation to China, requesting $115 million for military innovation spending. (Source: The Wall Street Journal)
UFC AND WWE MAY COMBINE - The ownership group that owns the Ultimate Fighting Championship (UFC) is nearing a deal to acquire World Wrestling Entertaining (WWE). The deal values WWE at $9.3 billion and UFC at $12.1 billion. (Source: The Wall Street Journal)
TAX DEADLINE IN 2 WEEKS - Approximately 50% of taxpayers have filed their tax returns with two weeks remaining before the April 18th deadline, claiming more than $172 billion in refunds. So far, the average refund is $2,903, down 11% from last year's tax cycle. (Source: The Wall Street Journal)
The opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Stock investing includes risks, including fluctuating prices and loss of principal.