5/2/23 Market Snapshot: Q1 GDP, Retail Inventories, and Consumer Confidence

The equity markets closed out April on a positive note, but uncertainty remains as to the outlook for the economy. In addition to a large slate of earnings reports, there were several data releases that continue to paint a mixed picture. Thursday’s release of Q1 GDP reflected a slowing environment coming in lighter than expected with a reading of 1.1% which was down from the previous quarters level of 2.6%. Other key releases included an increase in both durable goods orders and personal consumption expenditures, but a buildup in retail inventories, and a decline in the Conference Board’s consumer confidence index.