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BY THE NUMBERS
Nvidia’s stock plunge leads ‘Magnificent Seven’ to a record weekly market-cap loss: The decline in “Magnificent Seven” stocks erased a collective $950 billion from their market capitalizations this week, which made for the group’s worst-ever weekly loss of market value. While Tesla Inc.’s stock was the biggest weekly percentage decliner of the gang from a stock perspective, Apple Inc. Microsoft Corp. and Nvidia Corp. were bigger contributors to the marketcap losses, as those three companies are all worth substantially more than the electric car maker. Nvidia was the biggest market-cap loser of the week, shedding almost $300 billion. Shares of Nvidia fell 13.6% on the week as the semiconductor sector came under pressure. Nvidia’s stock also suffered its worst weekly performance on a percentage basis since it dropped 16.1% on Sept. 2, 2022. According to Dow Jones Market Data, it declined 10% in Friday’s action to log its worst single-day percentage drop since it fell 18.5% on March 16, 2020. With the stock off almost $85, it secured its largest one-day price decline on record.4
249th Anniversary of Paul Revere’s Ride: On April 16th, 1775, Paul Revere began to gather tips that a British raid was planned for the city of Concord, Massachusetts, in the coming days. There were two routes that the British soldiers could take: by land through the Boston Neck and by sea across the Charles River. Revere arranged to have a signal lit in the Old North Church – one lantern if the British were coming by land and two lanterns if they were coming by sea. On April 18th, 1775, 700 British soldiers under the command of Lieutenant Colonel Francis Smith gathered on Boston Common and boarded ships to raid Concord. At about 10 PM, with two lanterns lit, Revere and two other riders, William Dawes and Samuel Prescott, began their nighttime rides towards Lexington and Concord to rouse the minutemen and warn citizens of an attack.5 |
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Economic Definitions
Building Permits: This concept tracks the number of permits that have been issued for new construction, additions to pre-existing structures or major renovations. These statistics are based on the number of construction permits approved.
Conference Board Leading Economic Index: Leading indicators include economic variables that tend to move before changes in the overall economy. These indicators give a sense of the future state of an economy.
Federal Reserve (Fed): The Federal Reserve System is the central banking system of the United States of America.
GDP: Gross domestic product (GDP) measures the final market value of all goods and services produced within a country. It is the most frequently used indicator of economic activity. The GDP by expenditure approach measures total final expenditures (at purchasers' prices), including exports less imports. This concept is adjusted for inflation
Housing Starts: Housing (or building) starts track the number of new housing units (or buildings) that have been started during the reference period.
PCE (headline and core): PCE deflators (or personal consumption expenditure deflators) track overall price changes for goods and services purchased by consumers. Deflators are calculated by dividing the appropriate nominal series by the corresponding real series and multiplying by 100.
Retail Sales: Retail sales (also referred to as retail trade) tracks the resale of new and used goods to the general public, for personal or household consumption. This concept is based on the value of goods sold.
Index Definitions
S&P 500: The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.
NASDAQ: The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market. The index was developed with a base level of 100 as of February 5, 1971.
Dow Jones Industrial Average: The Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. It has been a widely followed indicator of the stock market since October 1, 1928.
Russell Mid-Cap: Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index.
Russell 2000: The Russell 2000 Index is comprised of the smallest 2000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. The real-time value is calculated with a base value of 135.00 as of December 31, 1986. The end-of-day value is calculated with a base value of 100.00 as of December 29, 1978.
MSCI EAFE: The MSCI EAFE Index is a free-float weighted equity index. The index was developed with a base value of 100 as of December 31, 1969. The MSCI EAFE region covers DM countries in Europe, Australasia, Israel, and the Far East.
MSCI EM: The MSCI EM (Emerging Markets) Index is a free-float weighted equity index that captures large and mid-cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Bloomberg Barclays US Agg Bond: The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).
Bloomberg Barclays High Yield Corp: The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded.
Bloomberg Barclays Global Agg: The Bloomberg Barclays Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.
Bloomberg Barclays Municipal Bond Index: The Bloomberg Barclays U.S. Municipal Index covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. |
