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Weekly Market Insights: Stocks Rise, Anticipating Rate Cut

Stocks notched a solid gain last week as rate-cut expectations paced the rally as the Q1 earnings season wound down.

Stocks Climb Steadily

Monday opened with stocks picking up where they left off the prior Friday. Stocks were still basking in the afterglow of fresh jobs data, which eased investor concerns of an overheating economy. That and reports of a possible Middle East ceasefire fueled Monday’s rally.¹

Stocks hung out in a narrow trading band Tuesday and Wednesday, yawning at the sparse economic news and a handful of negative earnings results. By contrast, the Nasdaq edged lower over those two days.^2,3

On Thursday, the S&P 500 closed above 5,200 for the first time since early April. The next day, stocks rallied, and the Dow clinched its eighth consecutive day of gains, the longest winning streak since December and its best weekly performance this year. Fresh data showed consumers continue to have inflation concerns for the year ahead, which was unsettling.^4,5

Footnotes and Sources

^{The Wall Street Journal, May 10, 2024}
^{The Wall Street Journal, May 7, 2024}
^{The Wall Street Journal, May 8, 2024}
^{CNBC.com, May 9, 2024}
^{The Wall Street Journal, May 10, 2024}

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