Although it was only four days given the Good Friday holiday, it was my kind of trading week the final few days of March. The median stock in the Russell 3000 index gained 2.2% and the Russell 3000 Value index (R3KV) outperformed the Russell 3000 Growth index (R3KG) by a wide margin.
Of course, I am not surprised that Value would have a little time in the sun, given that the R3KV is as attractively priced relative to the R3KG as at any time since the bursting of the Tech Bubble 24 years ago.
Economic data were mixed, with the Conference Board’s measure of Consumer Confidence edging down to 104.7 in March from a revised 104.8 in February, but below projections of 107.0. On the other hand, the Univ. of Michigan’s Consumer Sentiment gauge for March came in better than expected at 79.4, up from 76.5 the month prior.
We also learned that Q4 real (inflation-adjusted) GDP growth was revised upward to 3.4%, but the big economic news for the week was released on Friday.
The Federal Reserve’s preferred inflation measure, the Core Personal Consumption Expenditure, showed a 2.8% year-over-year increase for February. This was in-line with projections, even as personal income for the same month came in a bit lighter than forecast at a 0.3% monthly increase, and consumer spending was ahead of expectations with a 0.8% monthly gain.
All of the data taken together reinforced the idea that the economy is not headed for a hard landing.
MARKET OF STOCKS – Q1 WINNERS & LOSERS
We offer a look at the first quarter’s advancer and decliners for my equity-focused newsletter, The Prudent Speculator. Happily, as has been the case historically, the newsletter’s winners have won more than the losers have lost, and I suspect readers can guess which side of the ledger I might focus on if seeking handful of stocks to purchase today.
This is a condensed version of a full-length article posted 4.1.2024 on theprudentspeculator.com. The Prudent Speculator’s weekly commentary is curated each week as a valuable resource for recent stock market news, investing tips and economic trends. To receive regular reports like this one along with free stock picks sign up here: Free Stock Picks – The Prudent Speculator.
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