Market Updates

• Yields were mixed as the two-year Treasury note increased to 2.61% while the five-year note fell by four basis points to 2.82%.

• The S&P 500 briefly entered bear market territory as equities finished lower for a seventh consecutive week as poor earnings calls, continued hawkish rhetoric from FOMC members, supply chain hiccups and ongoing geopolitical tensions continue to roil markets.

• Retail sales was on par with expectations advancing by 0.9% versus an expected 1.0% however, the real flex in consumer strength came from an upward revision of March’s retail sales by nearly a full percentage point from 0.5% to 1.4%.