Friday Market Gains to Nasdaq Record Close | Market Story
The market advanced Friday, and the Nasdaq hit a record close. Shortly after the close, the $S&P 500 Index traded +0.70%, the $Dow Jones Industrial Average traded flat, up 0.01%, and the $Nasdaq Composite Index climbed 1.10% to a record 16,920. By direction, 9000 equities climbed while 4200 declined.
In macro, Michigan economic sentiment data showed consumers expect inflation to climb at 3.3% in a year and 3% in five years. These numbers were higher than last month's expectations.
Thursday, investors gauged S&P PMI numbers that came in generally higher with 50.9 in manufacturing, 54.4 in Composite, and 54.8 in Services. Initial jobless claims came in lower than last week, at 215k. The small drop kept treasuries and inflation expectations high.
Wednesday, according to the April 30th meeting minutes, many FOMC members found that uncertainty came from the possibility that "high interest rates may have smaller effects than in the past." Participants said interest rates would stay put unless inflation numbers were clearly at 2%, or the labor market clearly weakens. Members said they would be willing to raise rates if "risks to inflation materialize in a way that such an action became appropriate."
\Federal Reserve Governor Christopher Waller said on Tuesday that the central bank might consider lowering interest rates by the end of 2024.
Monday Morning, Fed Vice Chair Jefferson said its too early to tell if disinflation was working. Cleveland Fed President Loretta Mester said her three cut plan was too many. Last week, Wednesday CPI numbers for April came in right at expectations.
The $U.S. 2-Year Treasury Notes Yield(US2Y.BD$ climbed to 4.94, and the $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ ws 4.46.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, orrisk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
2364Followers
455Following
5284Visitors
Follow
102188459 : Great