Stocks give up gains. After the 11th 3% gain of 2020 for the S&P 500, stocks opened lower this morning. Negative sessions in Asia and Europe weighed on sentiment. Morning headlines included President Trump suspending funding to the World Health Organization (WHO), while Washington continues to examine reopening the country amid efforts to relax social-distancing guidelines. Europe continued to slowly come back, with Austria and Italy reopening small shops.
What a 15-day run. The S&P 500 is up more than 27% over the past 15 trading days, for the best 15-day rally since May 1933. Of course, this comes on the heels of the fastest bear market (20% correction) and fastest 30% correction in market history. To put things in perspective, yesterday was the 23rd 3% move (up or down) for the S&P 500 in 2020, tying for the most since we had 23 in 2009. The most since WWII was 42 in 2008.
Retail sales. March retail sales were reported this morning and showed an 8.7% month-over-month decline, the largest decline ever. While the 8.7% decline was slightly better than consensus expectations for -8%, sales (excluding autos and gas) came in at -3.1%, slightly better than the -5.2% expectation.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This Research material was prepared by LPL Financial, LLC.
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.
- Not Insured by FDIC/NCUA or Any Other Government Agency
- Not Bank/Credit Union Guaranteed
- Not Bank/Credit Union Deposits or Obligations
- May Lose Value
For Public Use – Tracking 1-982721