Marketbites: U.S. Debt Concerns Weigh on Markets
MARKET PERFORMANCE:
Portfolio Manager Commentary:
The S&P 500 fell Friday as concerns around the U.S. economy dampened investor sentiment. The S&P 500 and Dow fell for a second consecutive week, down 0.29% and 1.11%, respectively. The Nasdaq gained 0.4%. A preliminary reading on the University of Michigan’s consumer sentiment index fell to a six-month low of 57.7. Economists polled by the Dow Jones expected a May reading of 63.0. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
Meanwhile, weaker-than-expected wholesale prices data issued Thursday, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn — particularly as a handful of stocks continue to carry the market.
Chart of the Day:
Job satisfaction hit a 36 year high in 2022, reflecting two effects of the tight pandemic labor market: The quality of jobs improved as wages and work flexibility increased, and workers moved into positions that were a better fit. Last year, 62.3% of U.S. workers said they were satisfied with their jobs, according to new data from the Conference Board, up from 60.2% in 2021 and 56.8% in 2020. Among the happiest workers: people who voluntarily switched jobs during the pandemic and individuals working in hybrid roles with a mix of in-person and remote work. Men’s satisfaction was higher than women’s in every component, especially in areas such as leave policies, bonus plans, promotions, communication and organizational culture.
Source: WSJ
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