Insights

May 7, 2024 | Investment Review

Investment Review - May 2024

  1. The major U.S. stock indices were down in April, with major indices giving back some ground after the notable gains in the first quarter of 2024. The Dow Jones Industrial Average dropped 5.0%, while the S&P 500 decreased 4.2% and the Nasdaq Composite fell 4.4% during the month. 

  2. With ~50% of S&P 500 companies reporting results for the first quarter of 2024, 77% have reported a positive earnings surprise and 60% of companies have reported a positive revenue surprise. Meanwhile, the blended earnings growth rate for the S&P 500 stands at 3.5%, this compares to the first quarter of 2023’s decline of -1.9%. The blended revenue growth rate is 4% for the current quarter. The return of earnings growth reflects the reduced impact of inflation on both prices and input costs.

Key Investment Statistics

key investment statistics may 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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