Relative Recumbence Post-Tariff Turbulence (E211)

DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough review (0:05) the abbreviated market week ended April 17. It was a week characterized by lessened price volatility than in the first two weeks of the month and somewhat positive macro prints. As stocks ended lower (0:48), value stocks and the equal-weighted S&P 500 posted gains, diverging from declines for growth stocks and the market-cap-weighted S&P 500. Fixed income (2:00) had a positive week in high yield corporates and emerging markets as well as the investment grade, government and government-guaranteed sectors. Commodities (3:00) caught a bounce.

On the macro front (4:39), Eric and Mark walked through import prices, retail sales and industrial data, finding some positive news in the readings, but they cautioned to wait for May data, given the as-yet unclear adjustments under way in response to Trump administration trade policies and reactions from U.S. trading partners. Looking to the week ahead (14:24), among other reports, Eric and Mark will be on the lookout for the Leading Economic Index (Monday), S&P Global manufacturing and services (Wednesday) and durable goods orders (Thursday).