The Dow Jones Industrial Average and S&P 500 closed at new record highs on Thursday, recording their best Q1 performance since 2009 on the back of a rally despite the Tech sector, amid rate cut optimism and economic data that signaled a soft landing in the economy seemed achievable.
Investors digested earnings reports and looked ahead to the next Inflation data and comments by Federal Reserve officials for signals on the future path of interest rates.
US stocks closed higher on Wednesday, with the Dow Jones Industrial Average leading the gains and the S&P 500 setting a record close, while investors digested earnings reports and looked ahead to the next Inflation data and comments by Federal Reserve officials for signals on the future path of interest rates.
Investors digested US Consumer Confidence data that fell to its lowest level since November, ahead of the Federal Reserve’s next statement and key Inflation benchmark data later this week.
US stocks closed in negative territory on Tuesday (26/03/24) with NASDAQ leading the way down 0.4%, as investors digested US Consumer Confidence data that fell to its lowest level since November, ahead of the Federal Reserve’s next statement and key Inflation benchmark data later this week.
The Dollar also fell as the risk of Yen intervention as well as the impact of the Yuan rally thanks to Chinese government support. After the US Federal Reserve’s move last week to leave interest rates unchanged and signal 3x rate cuts this year, market participants will turn their eyes to the Personal Consumption Expenditures (PCE) price index data that was originally released by the Commerce Dept. on Friday to coincide with the Good Friday holiday.
All three major Wall Street indexes ended Monday’s trading session (25/03/24) in red territory, with the DJIA suffering the most severe percentage decline of 0.41%. The Dollar also fell as the risk of Yen intervention as well as the impact of the Yuan rally thanks to Chinese government support.
Federal Reserve Chairman Jerome Powell did not give any more clues regarding monetary policy, but the market continued to rally on the back of speculation that the chances of an interest rate cut as soon as June rose sharply to 74%, from 56% earlier in the week, according to CME’s FedWatch Tool.
THE FEDERAL RESERVE’S DOVISH TONE BROUGHT BULLISH SENTIMENT TO GLOBAL MARKETS THAT WERE PREOCCUPIED WITH CENTRAL BANK MONETARY POLICY LAST WEEK.
