16/08/2024 Evening Reports
US stocks are on track for their strongest week, bolstered by data showing the resilience of the American economy.
Positive readings on inflation, jobless claims, and retail sales have fueled investor optimism for a “Goldilocks” scenario—moderate inflation with strong growth—as the Fed prepares to cut interest rates.
The S&P 500 has risen 3.7% this week, and the Nasdaq 100 is up over 5%, marking their best gains since November.
Treasury yields have dipped, the dollar is headed for its third consecutive week of losses, and global stocks are recovering from last week’s declines.
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This week’s economic data has reassured investors, fueling hopes for a “Goldilocks” scenario of stable growth and controlled inflation as the Federal Reserve prepares to potentially cut interest rates. The S&P 500 surged 3.7%, while the Nasdaq 100 gained over 5%, marking the best performance for both indices since November. Treasury yields fell, and the dollar continued its third week of declines.
Global markets followed suit, with European stocks having their best week since May, and Asian markets, particularly Japan, showing strong gains. However, Applied Materials Inc. saw a drop in premarket trading due to disappointing forecasts, while Bayer AG jumped 10% after a favorable legal ruling.
Overall, investor sentiment remains strong, with US equity funds seeing a seventh consecutive week of inflows, totaling $5.5 billion. Meanwhile, commodities saw mixed movements, with gold on track for a weekly gain and oil prices dropping amid varied global economic signals.
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