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Daily U.S. Market Update
May 2, 2024 at 1:45 p.m. EDT
Michael Reinking, CFA
Sr. Market Strategist
Many markets re-opened after being closed yesterday with the trading overseas mixed overnight. US futures were higher ahead of the open but never got close to yesterday’s highs. After the open equities pulled back to retest yesterday’s lows and ~5k in the S&P 500, that level held, and markets have improved throughout the session as yields have pulled back after briefly popping this morning, following a jump in Q1 unit labor costs in part driven by a moderation in productivity gains. Yields are near session lows with some re-steepening of the curve and are starting to test the low-end of the range over the last couple of weeks. If this does break lower that will help risk sentiment. As we head to print equities are near session highs with the S&P 500 up 40pts to 5,058 (+0.8%), the Dow is up 278pts to 38,181 (+0.7%), while the Russell 2k is up 26pts to 2,006 (+1.3%). It will be interesting to see if markets hold up in the final hour of trade as we’ve seen a couple of vicious selloffs heading into the close this week and there are a couple of major catalysts in the next twenty-four hours.
U.S.-Listed ETP AUM percentage by asset class
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Exchange-traded products are one of the fastest growing investment products in the world, combining the simplicity of stocks with the diversified risk of mutual funds.
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