Week Ending 26th April 2024
The stock market roared higher on Friday, after the latest wave of tech earnings overshadowed worries about sticky inflation.
The Dow Jones Industrial Average gained 53 points, or 0.4%. The S&P 500 and the tech-heavy Nasdaq Composite gained 1% and 2%, respectively.
Earnings reports from Alphabet and Microsoft after the close on Thursday sent shares rallying in Friday’s session. Beyond the companies themselves, updates on artificial intelligence investments boosted chip stocks.
The 2-year Treasury yield was at 4.998% while the 10-year yield hit 4.67%. Yields pulled back after the personal-consumption expenditures, or PCE, price index for March came in mostly in line with expectations. While the report showed price growth continues to be stubborn, traders were worried the inflation would come in even hotter than economists had forecast.
While the reading wasn’t a boost for stocks by any means, it did provide some breathing room for a tech-earnings driven rally. The results set a high bar for next week’s wave of tech earnings, which includes Amazon.com, Advanced Micro Devices, Super Micro Computer, and Apple.
Meanwhile in European Markets …..European banking stocks hit their highest level since 2015 on Friday, helped by first-quarter earnings that beat forecasts and signalled lenders remained in a “sweet spot”.
38,239.66 | +153.86 | +0.4 | |
15,927.9 | +316.14 | +2.03 | |
5,099.96 | +51.54 | +1.02 | |
2,349.6 | +7.1 | +0.3 | |
83.66 | +0.09 | +0.11 | |
4.663 | -0.043 | -0.914 | |
1.069 | UNCH | UNCH | |
15.03 | -0.34 | -2.21 |
8,139.83 | +60.97 | +0.75 | |
18,161.01 | +243.73 | +1.36 | |
8,088.24 | +71.59 | +0.89 | |
507.98 | +5.6 | +1.11 | |
882.63 | +12.36 | +1.42 | |
3,874.87 | +16.93 | +0.44 | |
34,249.77 | +310.02 | +0.91 | |
2,557.7 | +32.3 | +1.28 | |
11,344.32 | +83.71 | +0.74 | |
9,834.91 | +108.61 | +1.12 |
SYMBOL | PRICE | CHANGE | %CHANGE |
---|---|---|---|
3,088.64 | +35.74 | +1.17 | |
37,934.76 | +306.28 | +0.81 | |
17,651.15 | +366.61 | +2.12 | |
9,463.91 | +199.43 | +2.15 | |
2,656.33 | +27.71 | +1.05 | |
7,575.9 | -107.1 | -1.39 | |
22,419.95 | -150.4 | -0.67 | |
3,280.1 | -7.65 | -0.23 |