FINANCIAL STOCK MARKET  WEEK "The markets enjoyed a solid week of gains" Market Week: May 6, 2024 

The Markets (as of market close May 3, 2024)

The markets enjoyed a solid week of gains on the heels of favorable corporate earnings data and a softer-than-expected employment report (see below).  Investors could be viewing the dip in job hires and wage growth as the fuel the Federal Reserve needs to consider interest rate cuts.  The Fed has consistently maintained that a softening labor market would help drive inflation lower.  The Russell 2000 and the Nasdaq led the benchmark indexes listed here.   Ten-year Treasury yields, gold prices, and the dollar declined.  Crude oil prices slid more than 6.5% amid rising inventories and a push for a Gaza ceasefire.

Stocks edged higher to start the week as investors awaited a batch of key earnings and the results of the latest Federal Reserve meeting.  The Russell 2000 added 0.7%, followed by the Global Dow (0.5%), the Nasdaq and the Dow (0.4%), and the S&P 500 (0.3%).  Yields on 10-year Treasuries declined 5.5 basis points to 4.61%.  Crude oil prices dipped $1.14 to $82.71 per barrel.  The dollar fell 0.3%, while gold prices ticked up 0.1%.

U.S. stocks joined their global counterparts in turning sharply lower last Tuesday as investors awaited the release of important economic data and the latest policy statement from the Federal Reserve.  Each of the benchmark indexes listed here declined, led by the Russell 2000 and the Nasdaq, which lost 2.1% and 2.0%, respectively.  The S&P 500 fell 1.6%, the Dow decreased 1.5%, and the Global Dow dipped 0.9%.  Ten-year Treasury yields rose 7.2 basis points to 4.68%. Crude oil prices fell a little over $1.00 to $81.58 per barrel.  The dollar gained 0.7%, while gold prices lost 2.4%.

Only the Russell 2000 (0.3%) and the Dow (0.2%) closed higher last Wednesday after the Federal Reserve maintained interest rates as expected.  The Nasdaq, the S&P 500, and the Global Dow each fell 0.3%.  Ten-year Treasury yields closed at 4.59% after falling 9.1 basis points.  Crude oil prices slid below $80.00 per barrel, settling at $79.20 per barrel.  The dollar lost 0.5%, while gold prices advanced 1.1%.

Stocks closed higher last Thursday, snapping a two-day losing streak.  While investors probably conceded that interest rates will not be coming down any time soon, they took solace in the Fed's suggestion that rates won't be increasing either.  Each of the benchmark indexes listed here ended the session higher, led by the Russell 2000 (1.8%) and the Nasdaq (1.5%).  The S&P 500 and the Dow advanced 0.9%, while the Global Dow gained 0.8%.  Ten-year Treasury yields fell for the second straight day, dropping 2.4 basis points to 4.57%.  Crude oil prices settled at $78.99 per barrel, little changed from the prior day. The dollar dipped 0.4%, while gold prices inched up 0.1%.

Wall Street continued to show resilience last Friday, as each of the benchmark indexes listed here posted solid gains.  The Nasdaq rose 2.0%, followed by the S&P 500 (1.3%), the Dow (1.2%), the Russell 2000 (1.0%), and the Global Dow (0.8%).  Bond prices rose, pulling yields lower, with 10-year Treasuries falling 7.1 basis points.  Crude oil prices fell $0.82 per barrel.  The dollar dipped 0.3%, while gold prices were flat.

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Wendy Nelson, CEO of Wind River Wealth Advisors, aims to provide beneficial investment management, retirement planning, financial planning, asset management, and portfolio management to protect your money with knowledgeable strategies and plans by utilizing a personal independent financial advisor.