Monthly Market Update (April 2023): 3 Things You Need to Know

Wall Street closed out a winning April after more companies said their profits at the start of the year weren’t as bad as expected. Here are 3 things you need to know:

  1. US real GDP rose 1.1% annualized in the first quarter, 0.8% below consensus expectations. While below expectations on the surface, a deeper look reveals a degree of underlying resiliency. Much of the slowdown can be attributed to an inventory drag, with consumption accelerating 3.7% quarter-over-quarter.
  2. The March core PCE price index (the Fed’s preferred measure of inflation) fell modestly from 4.7% year-over-year in February to 4.6% year-over-year in March. Inflation is moderating, but slowly.
  3. For Q1 2023 earnings, 267 issues have been reported, with 205 (76.8%) of them beating on earnings and 192 of 265 (72.5%) beating on sales (as of 4/30/23). (Source: S&P Global)

Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (; Bloomberg; FactSet.


  • The Bloomberg Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
  • The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
  • The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
  • The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

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