M Notes: Mon, 4-21

	Week Close: 4-18-25	+ (-)	%
Dow	39,142	-1,071	-2.7%
S&P	5,283	-80	-1.5%
Nasdaq	16,286	-438	-2.6%
10-year	4.33	-0.17	-3.8%
Oil	64.68	+3.20	+5.2%

LAST WEEK:

Markets:  The downward move resumed.  

S&P roller coaster last week:  Up, Down, Down significantly, Up, and Holiday.

Fed Balance Sheet:  $6.727 Trillion.  (It stayed the same.)

Holiday:  US Markets were closed on Friday in observance of Good Friday.  

Housing:  Starts dropped -11.4% in March, but were up +1.9% Y/Y. 

Industrial production:  It dropped from +0.8% (the Revised February number) down to -0.3% in March.  Auto production was down -4.9% Y/Y.  Non-auto manufacturing was up +1.5% Y/Y.   High-tech equipment production was up +11.3% Y/Y.  

Jobless claims:  The weekly number came in at 215,000.  The four-week average came in at 221,000.

National Debt:  $36.752 Trillion.  (It’s going up about $29 Billion/week.)

Retail sales:  They grew were up +1.4% in March, and were up +4.6% Y/Y.  

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THIS WEEK:

Focus of the week:   Futures were down this morning, as it appears the Markets are awaiting positive new from Tariff negotiations.  

Calendar:   New homes sales (Wed); durable goods orders, existing home sales, and jobless claims (Thu).

Earnings:  A new earnings season continues.  Some of the companies reporting:   3M, Alphabet, AT&T, Boeing, Caterpillar, GE Aerospace, IBM, Intel, Lockheed Martin, Merck, Northrup Grumman, PepsiCo, Philip Morris, Proctor & Gamble, Tesla, and Texas Instruments.