What's next for the S&P 500 after Friday's inflation data
S&P 500 companies beating earnings estimates this quarter have seen a median share outperformance of just 0.2%, while those missing estimates have seen their shares underperform by a median of 4%, marking the largest gap in at least eight years.Inflation data has also been a focus last week in addition to the Q1 earnings season. The March core PCE inflation showed a month-on-month rise of 0.32% and a year-on-year increase of 2.8%.
"With just one month of inflation data for April before the June FOMC meeting, officials will likely have to wait until July to gain 'greater confidence' that inflation is slowing," they wrote in the report. They forecast an increase in payroll employment of +200K in April, with the unemployment rate dipping to 3.7%, and average hourly earnings growing by +0.3% month-on-month, or 4.1% year-on-year.
According to Navellier & Associates, this week's meeting and FOMC statement are "going to be a big deal."
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