US stocks advanced on Monday as market participants looked ahead to this week's slew of economic data and the Fed's monetary policy meeting.
US stocks advanced on Monday as market participants looked ahead to this week's slew of economic data and the Fed's monetary policy meeting.
All three major stock indexes advanced with the S&P 500 closing at another record high. Having increased by more than 4% this year, the Nasdaq 100 led the gains again.
This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Five of the "Magnificent Seven" tech companies are waiting in the wings.
BlackRock on Monday raised its overall US equities view to “overweight” from “neutral” and it sees the S&P 500's upward momentum continuing for the next six to 12 months.
The stock market's AI-driven rally should broaden out as inflation falls further, the Fed starts to cut rates, and the market sticks to its rosy macro outlook, according to the world's largest asset manager.
Strong GDP and personal consumption expenditures data have calmed fears of imminent recession and dimmed hopes that the Fed would begin cutting interest rates as soon as March.
The Nasdaq 100 sits well above the 50 EMA with a strong bullish bias, but the RSI has signalled overbought condition. A such buying the dip is a safer call, especially for leveraged positions.
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US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.
2024-09-06Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.
2024-09-06Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.
2024-09-05