MARKET RECAP

• US stocks -1.05%, international -0.48%, bonds -0.99%, bitcoin -3.1%.
• US payrolls increased by 303,000, much greater than the 200k estimate. Unemployment fell to 3.8%, wages rose, and the workforce participation rate increased.
• Fed official Neel Kashkari suggests that no rate cuts may be necessary in 2024, returning to the viewpoint we suggested two weeks ago.
• The ISM for manufacturing shows an expanding economy for the first time since the fall of 2022, up to 50.3 in March from 47.8 in February; economists expected 48.1.
• New factory orders were up 1.4% in March versus 1% in February.

SCOREBOARD