The S&P 500 Hits a Wall at The End of Its Best Week in 2024 – US Market Wrap
The stock market rally stalled on Friday, despite the fact that the market is still having its best week in 2024 due to speculation that the Federal Reserve will be able to cut interest rates in June.
US equities weakened following a record-breaking run that propelled the S&P 500 up about 10% this year. The gauge climbed more than 2% in a week of nearly universal gains. The market’s resilience has prompted strategists to update their targets, while also sparking calls for consolidation or a pullback.
In the absence of economic data, traders focused on Fedspeak. Jerome Powell’s remarks at a “Fed Listens” event did not address monetary policy. Michael Barr, the Federal Reserve’s vice chair for supervision, stated that a proposal to require lenders to hold more capital will most likely undergo significant changes.
In a session with low trading volume, the S&P 500 closed below 5,235. Nvidia led the increase in megacaps, while Tesla fell. FedEx , an economic barometer, soared on strong earnings and a $5 billion buyback programme. Nike and Lululemon Athletica fell on bleak forecasts.
Treasury 10-year yields fell six basis points, to 4.21%. This year, the dollar came close to reaching its peak.
