Wall St Week Ahead Recession worries simmer beneath US stock market rally

"They are talking about demand being down and they are ridiculously important shipping companies,” said Matt Maley, chief market strategist at Miller Tabak.

Both stocks are part of the closely watched Dow Jones Transport Average, which was down 2.7% on the week and off 10% from its high for the year reached in February. Maley is recommending clients hold higher-than-typical cash levels because of concerns about a recession and because safer assets now have higher yields, while favoring energy and defense stocks.Overall, earnings have come in better than feared for the first quarter. With just over half of the S&P 500 having reported, earnings are on pace to have declined 1.9% for the first quarter from the year earlier period, according to Refinitiv. That is a smaller decline than the 5.

"It's hard to have a recession when consumers' incomes are rising, and they are spending more on both goods and services," Yardeni Research said in a note on Friday.

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Jobless claims fall again with labor market churning alongApplications for unemployment benefits in the U.S. fell last week as the labor market continues to show strength despite some weakness in other parts of the economy. The number of Americans filing for jobless claims for the week ending April 22 fell by 16,000 to 230,000, the Labor Department reported Thursday. The four-week moving average of claims, which flattens some of the week-to-week volatility, fell by 6,000 to 236,000. The weekly claims numbers are a proxy for layoffs, and continue to show that American workers are enjoying unusual job security despite rising interest rates, economic uncertainty and fears of a looming recession.
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