Market Brief – Friday 4/29/22

Stocks fell in overnight trading following several earnings misses and poor forward guidance. Treasury yields were slammed higher in overnight trading.

Personal Consumption Expenditures, the Fed’s preferred inflation gauge, rose +0.9% in March and +6.6% from this time last year. Excluding food and energy, Core PCE rose +0.3% in March and +5.2% from this time last year.

Personal incomes rose +0.5%, personal spending rose +1.1%, and real personal consumption rose +0.2% in March.

The University of Michigan Consumer Confidence Survey showed Americans were more confident in April. Current conditions rose slightly and expectations jumped. Inflation expectations were unchanged from March.

Stocks closed sharply lower on the day and Treasury yields higher as selling was broad based across the markets today.