After a roaring week for meme stocks and record highs in markets overall, indexes traded mixed on Monday, with new records for the S&P 500 and Nasdaq, and a half a percent drop for the Dow.
Shortly after 4 PM EST, the $S&P 500 Index (.SPX.US)$ climbed 0.09% to an all time closing high of 5,308.13, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.49%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.65% to a record high of 16,794.87.
This week, all eyes are on $NVIDIA (NVDA.US)$ earnings this Wednesday, April 22nd. According to the average of 36 analysts estimates, investors are looking for earnings of $5.58/share, on revenue of $24.6B.
After the bellMonday, $Palo Alto Networks (PANW.US)$ posted earnings that missed estimates, with EPS of $0.79 vs $1.25/share Est. Shares fell 9%.
Gold and silver prices were still climbing after hitting records last week. Gold reached a new record high 2,459.08, up 0.65%. Silver traded +2%. $Crude Oil Futures( for JUL 4) fell 0.57% for the week, while Bitcoin climbed 3%, leading bitcoin stocks higher.
This week in Macro, investors can expect the Federal Open Market Committee's meeting minutes, alongside a deluge of FOMC and Fed speeches. Monday Morning, Fed Vice Chair Jefferson said the economy is growing at a solid pace, and its too early to tell if the current disinflation slowdown will last longer.
Last week, Wednesday CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Cleveland Fed President Loretta Mester on Monday suggested she was thinking about backing away from her prior expectation that the U.S. central bank will cut interest rates three times this year.
As recently as early April, Mester had three rate cuts penciled in for 2024. Now, she has her doubts.
"I was on the record before saying I was at the median [forecast] which was three. The developments I've seen in the economy right now, I would not think that that's still appropriate," Mester said in an interview with Bloomberg Television.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.84, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.44.
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