On Friday, the Bureau of Economic Analysis reported the personal consumption expenditures price index increased by 5% year-over-year in the month of February, down from 5.4% in January. Core PCE, which excludes volatile food and energy prices and is the Fed’s preferred inflation gauge, was up 4.6%, below analyst estimates of a 4.7% gain.
On Thursday, former U.S. President Donald Trump was indicted on roughly 30 criminal counts of document fraud stemming from alleged hush money payments made to adult film star Stormy Daniels in 2016 when he was the front-runner in the Republican presidential primary. On Friday, news of Trump’s indictment triggered a relief rally in special purpose acquisition company Digital World Acquisition Corp
DWAC
+7.58%
Related Link: From Presidential Portrait To Mug Shot: What’s Next For Donald Trump After New York Indictment?
Top U.S. bank regulators from the Federal Reserve, Federal Deposit Insurance Corporation and the Treasury were grilled in Congressional hearings this week about how they handled the mid-March collapses of Signature Bank
SBNY
and Silicon Valley Bank. Lawmakers from both sides of the aisle blasted regulators for incompetence and lack of transparency that undermined confidence in the banking sector.
The S&P 500 gained more than 5% and the Nasdaq Composite gained more than 14% in the first quarter of 2023, driven higher by easing inflation numbers. The S&P 500 shrugged off concerns about instability in the banking sector to finish its second consecutive quarter of greater than 5% gains.
It’s EVGo Time: Evgo Inc
EVGO
+11.0%
- Free Alerts
shares jumped more than 30% on Thursday after the electric vehicle maker reported a fourth-quarter revenue beat and issued 2023 guidance that was better than feared.
In the holiday-shortened week ahead, investors will get more quarterly reports from Conagra Brands Inc
CAG
+0.45%
- Free Alerts
on Tuesday, Levi Strauss & Co
LEVI
+1.28% - Free Alerts
on Wednesday and Constellation Brands, Inc.
STZ
+0.47% - Free Alerts
and Lamb Weston Holdings Inc
LW
+1.64% - Free Alerts
on Thursday.
Economic Numbers: Following the February PCE inflation data, Wall Street will get more key economic updates on Monday when the Institute of Supply Management releases its March Manufacturing Purchasing Managers Index reading and on Friday when the Labor Department releases its March U.S. jobs report.
Source: Benzinga
