April 10, 2024 | Investment Review

Investment Review - April 2024

  1. Strong performance in risk assets continued through March, with the S&P 500 posting a +3.10% return, the Dow Jones +2.08%, and the NASDAQ (uncharacteristically in recent quarters) trailing with a +1.79%, for the month. 

  2. With quarterly earnings results complete for the year ending 2023, the positive start to the year is little surprise, given strong earnings and economic data. Revenues for the S&P 500 grew 6.2% in Q4 2023, while earnings per share rose 7.6%, both compared to the prior year’s close. Another strong year for business to close 2023.

  3. The S&P 500 has experienced a tremendous rally after a disappointing 2022, the majority of which was driven from the technology sector. Unlike the late 90’s and early 2000’s, the tech sector produces 40% of the market’s total free cash flow, rather than the hope of future profits. In recent years, rising stock prices are following increased profits in the tech sector.

Key Investment Statistics

key investment statistics april 2024

Sources: Dow Jones Publishing, FactSet, Bloomberg, Bureau of Labor Statistics, U.S. Federal Reserve, Empirical Research Partners

Disclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.

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