Positive performance was a rarity last week. At the sector level, there was only one segment that managed to end the week higher, and for once, it wasn’t energy. Consumer Staples eked out the smallest of gains as it managed to close a third of a percentage point higher. The Market opened significantly lower at the start of the week as domestic equities continued the declines form the previous week. For the Nasdaq, Monday’s 4 percentage point decline marked the end of the largest three-day decline since March of 2020. Moreover, the current year-to-date decline in the Nasdaq stands as the worst start to the year since the inception of the index back in 1973. As many advisors have pointed out, just because an index begins the year with an initial loss or sees a drawdown midyear, it doesn’t necessarily mean that the index will close the year lower. Last week’s economic calendar held the results of the April Consumer Price index. Analysts expected a reduction in the inflation rate from the March reading of 8.6% to 8.1%. However, the headline number came back at 8.3%. This inflation number was buttressed the following day as the Producer Price Index came in at 11% year-over-year. Contact us today to learn more about how we can help you.