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Overview: Mixed news left stock and bond markets mostly unchanged for the holiday-shortened past week. First quarter earnings had a stronger-than-expected start, and China GDP beat consensus at a 6.4% growth rate. In China, a rise in industrial production added clarity around U.S.-China trade, and monetary and fiscal stimulus have provided a turnaround to weaker economic data reported earlier in the year.

Oil prices continue to climb, as recent reports indicate that the U.S. will end waivers that allow some countries to buy Iranian oil without facing sanctions. WTI crude oil is now up almost 40% year-to-date, currently trading at $65.50 per barrel this morning (4/22). Bond yields were steady for the week, with the 2-year and 10-year Treasuries trading at a yield of 2.38% and 2.56% respectively. For reference, the 10-year started the year at 2.68%, and began the month of April at 2.40%.

Market Returns and Data:

This communication is for informational purposes only. It is not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrument.

Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results.    8465204