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The US markets ended lower on Thursday. Markets moved to the upside early in the session on Thursday but fluctuated over the course of the trading day before eventually closing modestly lower. The early strength on markets reflected an extension of the rally seen during Wednesday's session, which came amid optimism about the outlook for interest rates following tamer-than-expected consumer price inflation data. A closely watched Labor Department showed consumer prices rose by less than expected in April, reinforcing expectations the Federal Reserve will lower interest rates in the coming months. However, buying interest waned over the course of the session with traders seemingly pausing to assess the near-term outlook for the markets after the major averages reached new record highs.
On the economic data front, the Labor Department released a report this morning showing a pullback by initial jobless claims in the week ended May 11th. The Labor Department said initial jobless claims slid to 222,000, a decrease of 10,000 from the previous week's revised level of 232,000. Street had expected jobless claims to fall to 220,000 from the 231,000 originally reported for the previous week. The pullback came after jobless claims rose to their highest level since the week ended August 26, 2023 in the previous week. On the sectoral front, while most of the major sectors showed only modest moves on the day, housing stocks moved sharply lower, dragging the Philadelphia Housing Sector Index down by 2.8 percent. The index pulled back off its best closing level in well over a month after a Commerce Department report showed a rebound by housing starts in April but a continued slump by building permits.
Dow Jones Industrial Average fell 38.62 points or 0.1 percent to 39,869.38, Nasdaq dropped 44.07 points or 0.26 percent to 16,698.32 and S&P 500 was down by 11.05 points or 0.21 to 5,297.1.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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