Last week's stellar first-quarter finish was followed up by a fairly brutal start to the month, particularly for the Dow Jones Industrial Average (DJI). The blue-chip index notched four-straight daily losses, three of which were in the triple digits, and marked its worst day in over a year on Thursday with a 530-point drop. Though things appear to be turning around at this point on Friday, the Dow is still headed for its worst week since August. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also pulled back from their recent record highs and are headed for losing weeks. Overall, rising Treasury yields weighed on the market this week, as well as several comments from Federal Reserve members regarding rate cuts this year.
This Week's Commodities Updates
Gold and oil prices surged this week, with gold hitting a string of record highs as the front-month June contract rose above $2,300 for the first time ever. Gold stocks rose in response, including Barrick Gold (GOLD) and Royal Gold (RGLD). Oil's rampant run can be attributed to rising tensions in the Middle East, particularly between Israel and Iran.
Stock Signals to Watch Right Now
According to Schaeffer's Senior Quantitative Analyst Rocky White, energy stock EQT Corp (EQT) is one of the 25 best stocks to own in April. Plus, retailer Williams-Sonoma (WSM) could notch new record highs given its technical setup, while Nutanix (NTNX) and CVS Health (CVS) are flashing bull signals as well.
On the other hand, present on White's list of the worst stocks to own in April are Hewlett Packard Enterprise (HPE), Live Nation Entertainment (LYV), and airline stocks United Airlines (UAL), American Airlines (AAL), and Delta Air Lines (DAL), which is particularly notable amid Boeing's (BA) recent saga.
Inflation Data, FOMC Meeting Minutes Ahead
All eyes will be on inflation data next week, as well as the Federal Open Market Committee's (FOMC) meeting minutes, as investors continue to debate the future of interest rates. It's also worth noting how the S&P 500 typically performs after fast starts to the year.
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