It was another nice week for investors last week. Global equity prices were higher again by nearly 2%. Global equities have now recovered recent losses and are back to positive for the quarter and are higher by about 8% for the year. Interest rates were basically unchanged on the week and the overall bond market eked out a slight gain. Commodities also ripped higher and were up nearly 2%. Commodities remain the leader across major asset classes this quarter. All in all, it was a solid week for diversified multi-asset portfolios. As for economic data, it was a bit of a slower week. One notable event last week was that consumer inflation expectations did hit their highest levels in thirty years. Some good news, however, is that the GDPNow forecast from the Atlanta Fed is projecting 2Q24 GDP to be 4.2%. That’s impressive. For a frame of reference, the average GDP growth rate over the last 20 years is 2.0%.

As for this week, it is a big one for the economic calendar with inflation, retail sales, and housing data (among others) being released. The Consumer Price Index will be released Wednesday. The headline CPI number is expected to be 3.4%, with core CPI (ex-food and energy) expected to be 3.6%. Earnings season for 1Q24 is also winding down. Key earnings reports this week include Walmart, Home Depot and Alibaba. According to Factset (as of May 10th), the blended year-over-year earnings growth rate for the S&P 500 is currently 5.4%. If this number holds, it will mark the highest year-over-year earnings growth rate reported by the index since Q2 2022. 

Moving ahead, while the trend in the stock market remains bullish, it is interesting to see some of the market leaders of late. For example, both utilities and consumer staples hit new 52-week highs last week. These are typically considered defensive sectors which tend to outperform when the stock market is weak. Also notable is the relative weakness in semiconductors. This technology industry tends to be a leading indicator of economic and market strength. Given this market action, plus the strength in the gold market, one might guess that stock prices and bond yields were moving sharply lower. That, however, has thankfully not been the case.

Either way:


Stay invested. Stay diversified. Stay disciplined.


If you have any questions or comments, please let us know at or at Thank you for your time and trust. See you next week!


Get Your Own Market Commentary

Client-Friendly Weekly Wire

Want a version of Weekly Wire you can send directly to your clients? Subscribe to our Weekly Wire newsletter and get a client-friendly version every Monday. Simply download, add your firm's logo, and use with your clients!


Key Data

Stocks, Bonds, Alternatives, & Real Assets as of May 10, 2024

Security Name Risk Score 1 Wk 1 Mo QTD YTD 1 Yr 3 Yr Ann.
Global Equities (60% US, 40% Intl) 100 1.66% 1.36% 0.01% 7.96% 21.98% 5.39%
S&P 500 Total Return 102 1.89% 1.30% -0.47% 10.03% 28.22% 9.33%
Dow Jones Industrial Average 97 2.20% 2.81% -0.61% 5.48% 20.33% 6.52%
NASDAQ 100 Total Return 122 1.55% 0.87% -0.45% 8.24% 37.22% 11.68%
TV Benchmark 107 1.88% 1.66% -0.51% 7.92% 28.59% 9.18%
Morningstar US Large Cap 102 1.85% 1.38% -0.09% 10.98% 30.78% 9.83%
Morningstar US Mid Cap 113 1.92% 0.53% -2.06% 6.63% 22.24% 4.29%
Morningstar US Small Cap 125 1.68% 1.40% -2.59% 2.95% 21.07% 0.85%
Morningstar US Value 98 2.22% 1.32% -1.25% 7.05% 20.87% 7.28%
Morningstar US Growth 126 1.19% 0.01% -2.38% 5.75% 26.67% 3.99%
MSCI ACWI Ex USA  98 1.57% 1.88% 1.24% 6.11% 12.98% 1.12%
MSCI EAFE  101 1.80% 2.18% 0.63% 6.59% 13.25% 3.38%
MSCI EM 98 0.99% 1.54% 3.05% 5.56% 12.78% -4.49%
Bloomberg US Agg Bond Index 27 0.09% 0.76% -1.20% -1.97% -0.05% -3.13%
Bloomberg Commodity Index 70 1.53% 0.36% 3.97% 6.25% 5.58% 6.55%
Wilshire Liquid Alternative Index 25 0.62% 0.40% -0.02% 3.14% 7.80% 1.20%
US Dollar 10 -0.07% 1.04% 0.65% 3.84% 3.56% 5.26%
Bloomberg US Treasury Bill 1-3mo 1 0.10% 0.47% 0.61% 1.94% 5.51% 2.86%
Source: Morningstar

The TV Benchmark represents an average of the S&P 500, Dow Jones IA, and NASDAQ 100 return indexes. The Orion Risk Score represents risk relative to the global equity market.



Interest Rates as of May 10, 2024

Rate This Week 1 Wk Δ%
13-Wk Treasury Yield 5.24% 0.01%
10-Yr Treasury Yield 4.50% 0.00%
Bloomberg US Agg Yield 5.19% 0.01%
Avg Money Mkt Yield 5.13% 0.00%
Avg 30-Yr Mortgage Rate 7.35% 0.04%
Sources: Yahoo Finance, S&P Global, Crane Data, BankRate



Key Economic Data Last Week

Data Point Expectation Actual
Consumer Credit $14.8B $6.3B
Wholesale Inventories -0.4% -0.4%
Consumer Sentiment 76.0 67.4
Sources: MarketWatch, First Trust



Key Economic Data This Week

Data Point Expectation Release Date
Producer Price Index (PPI) -- 5/14/24
Core PPI -- 5/14/24
Consumer Price Index 3.4% 5/15/24
Core CPI/td> 3.6% 5/15/24
US Retail Sales 0.5% 5/15/24
Housing Starts 1.41M 5/16/24
Industrial Production 0.2% 5/16/24
US Leading Economic Indicators -0.3% 5/17/24
Source: MarketWatch



More Just for You

Want More Resources?

Unlock a wealth of market commentary resources from Rusty Vanneman, Orion CIO – Wealth Management, and his team.

The views expressed herein are exclusively those of Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor, and are not meant as investment advice and are subject to change.
An index is an unmanaged group of assets considered to be representative of a select segment or segments of the market in general, as determined by the index manager for the purposes of managing a specific index. You cannot invest directly in an index.
The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit
The CMT Program demonstrates mastery of a core body of knowledge of investment risk in portfolio management. The Chartered Market Technician® (CMT) designation marks the highest education within the discipline and is the preeminent designation for practitioners of technical analysis worldwide. To learn more about the CMT, visit
Think2perform’s Behavioral Financial Advice program integrates traditional finance practices with psychology and neuroscience to improve emotional competency and decision-making behavior that increases effective usage of the financial plan with clients. To obtain the Behavioral Financial Advisor (BFA) designation, participants must complete a self-directed course, which takes 20-30 hours to complete, and includes a mix of interactive exercises, videos and case studies. To learn more about the BFA, visit
Wealth Management services offered through Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

Compliance Code: 1 1 7 7, Brinker Capital Investments, May 13, 2024