As a general recap, the market was overall advancing Friday. Shortly after 12:30 AM EST, the $S&P 500 Index traded +0.76%, the $Dow Jones Industrial Average climbed about 0.27%, and the $Nasdaq Composite Index climbed 1.12%. By direction, 8500 equities climbed while 3500 declined.
Thursday, the market declined while $NVIDIA (NVDA.US)$ sucked up more trading volume than the top Nasdaq100 and S&P tracking ETFs.
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 $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.46.
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