The S&P 500 traded slightly lower this past week, finishing off its first down quarter in two years.
On Friday, the Labor Department reported the U.S. economy added just 431,000 jobs in March, missing economist estimates of 490,000 jobs. The Labor Department also revised its previous jobs estimates for January and February higher by a total of 95,000 jobs.
On Monday, Tesla announced its shareholders will be voting on another stock split at its upcoming annual shareholders meeting, news that sent the electric vehicle maker's stock soaring. Not to be outdone, video game retailer and popular social media "meme" stock GameStop announced its own stock split proposal on Thursday.
The yield on 10-year U.S. Treasury bonds briefly dropped below the yield on 2-year Treasuries for the first time since 2019 on Thursday, a phenomenon known as a yield curve inversion. In the past, 2-year/10-year yield curve inversions have been reliable predictors that a U.S. economic recession is coming within six to 24 months.
Also on Thursday, President Joe Biden's administration said it plans to release 1 million barrels of crude oil per day from U.S. strategic reserves in an effort to bring down surging oil and gasoline prices. In response, WTI crude oil prices pulled back from recent highs on Friday but remained above $100 per barrel.
Feel the burn
Shares of Lululemon jumped more than 14% on the week after the athletic apparel retailer reported that big fourth-quarter earnings exceeded analyst estimates with its full-year guidance.
More: Fed chair warns inflation still too high as S&P 500 sees gains for 2nd consecutive week
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Coming up, investors will get more quarterly earnings reports from Tilray and Levi Strauss on Wednesday and Conagra on Thursday.
Analysts are projecting 10.7% revenue growth from S&P 500 companies during the upcoming first-quarter earnings season, according to FactSet.
Economic numbers to watch
Following the mixed jobs report, Wall Street will get more economic updates on Wednesday when the Federal Reserve releases its latest meeting minutes and on Thursday when Eurostat releases its March Eurozone Retail Sales report.
Benzinga is a financial news and data company headquartered in Detroit.
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