No Rest for US Markets as Critical Week Approaches

Last week saw a continuation of the recent ascent in US equities, skilfully navigating a myriad of data releases amid a challenging trading environment. The S&P 500 futures soared by 0.96%, propelled by upbeat earnings reports from mega-cap giants like Netflix, ASML Holdings, and American Express. Despite the less-than-rosy results from Tesla and Intel, positive sentiment prevailed. 

Insights into the world’s largest economy emerged as the quarterly GDP growth surpassed expectations at 3.3%, albeit a notable slowdown from the previous 4.9%. Goldman Sachs highlighted that while economic growth outpaced forecasts, its composition wasn’t as robust as anticipated. The PCE Price Index aligned with consensus at 2.6% on a year-over-year basis, but the core figure dipped unexpectedly from 3.2% to 2.9%, falling short of the 3% forecast. 

The week was filled with impactful updates, yet the excitement continues. The upcoming week promises earnings releases from industry titans like Microsoft, Alphabet, Amazon, and Meta. The oil market eagerly awaits earnings reports from Exxon Mobil and Chevron, which could sway market sentiment. Adding to the thrill, the Federal Reserve’s interest rate decision and the pivotal Non-Farm Payroll report are due this week, making it an exhilarating one for those closely monitoring financial markets. 

Sources: Koyfin, Tradingview, Reuters 

Piece written by Tiaan van Aswegen, Trive Financial Market Analyst 

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