📊Key Drivers of Market Performance this Week
Inside Wall Street: Week #21/2024
Key Drivers of Market Performance this Week
Inside Wall Street: Week #21/2024
This week in the S&P 500 SPY 0.00%↑ barely moved with a 0.03% uptick.
77.9% of the 480 S&P 500 companies that reported earnings topped analysts' expectations, slightly below the 79% beat rate over the past four quarters but above the long-term average of 67% since 1994.
Currently, the S&P 500 is in phase 3 of the market cycle.
Sector and Stock Highlights
S&P 500 Sectors:
Communication services XLC 0.00%↑ (+1.29%) led the gains among the 11 major S&P sectors. Tech XLK 0.00%↑ and utilities XLU 0.00%↑ also saw significant gains.
S&P 500 Individual Stocks
Nvidia (NVDA 0.00%↑ ): Boosted by strong quarterly results (I wrote about it here: Witnessing Market History with Nvidia
Ross Stores (ROST 0.00%↑): Rose by 7.89% after better-than-expected first-quarter results and a raised annual profit forecast.
ROST 0.00%↑ : Phase 5 of the Market Cycle
Upcoming Focus
CME Group shows that the probability of rate cuts by the end of the year has decreased from 2 to 1 (in November).
Recent Fed minutes hint at prolonged higher interest rates, posing a challenge for equity prices. Market sentiment is tense as speeches from Federal Reserve officials loom.
Now, the CME Group shows that the probability of rate cuts until the end of the year reduced from 2 to 1.
In response, investors should closely monitor the PCE price index for clues on economic direction. Anticipate potential market volatility following the Beige Book release and revised Q1 economic growth data.
Wall Street Insiders adapt strategies based on these indicators, preparing for shifts in the market cycle. Understanding these signals is crucial for optimizing your investment approach.
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S&P 500: 271.9%
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S&P 500: 19.66%
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