– Global equities and fixed income declined, and commodities were flat. Sharp decline in Dow Transports of 6.7% for the week.
– Sectors were mixed with five advancing and six declining. Another strong week for Energy and poor showing for Tech stocks.
– Although developed and emerging indices are down, nearly half of 45 countries that we track are actually up ytd, with a median return of 5.5%.
– US Treasuries sold off sharply on news that initial jobless claims fell to 166K, the lowest since 1968, a time when the labor force was half its current size.

– The first quarter of 2022 ended with negative performance from both equities and fixed income. Only commodities moved higher.
– Value stocks outperformed growth stocks broadly. Energy exposure in an index has been most important factor, with the sector up a whopping 39% in Q1.
– Emerging markets underperformed, weighed down by a Q1 decline in China equities of 14.2%.
– The 2s10s version of the US Treasury Yield Curve inverted, the first recessionary signal from the yield curve since the economic recovery began.