After Incredible Week for the Stock Market, What Do We Expect Today?
US stocks soared last week, with one of its best weeks for the year so far. The Dow Jones gained 2.9% over the week, while the S&P 500 gained an impressive 3.9% gain.
The Nasdaq beat them both with a 5.2% increase as tech stocks continued to show that this is truly their year. Retail stocks were also high, thanks in part to an excellent retail sales report. Wal-Mart also posted its quarterly earnings report and gave the retail market a boost with its positive data.
Monday Premarket Outlook
The market is trading much softer as it starts to open on Monday. In premarket trading, all three major indices are up slightly. These indices climbed by 0.20% or more this morning, which is very positive news for investors. The fact that the markets did so well last week and are still able to increase from that already high point shows that we could see a very active and healthy week of trading this week as well.
The worry this week is that last week’s highs will be corrected, but investors are looking forward to a statement from the Federal Reserve’s own Jerome Powell. Powell is expected to speak this week on interest rate cuts. And if those cuts happen soon, that could give the market a boost and show the government’s confidence in the US inflation level. Cuts are expected to happen as early as September.
Last week was the best week for the stock market in more than a year, and that record will help to drive interest to the market and show investors that trading is healthy at the moment. We anticipate a week of trading now where the already high stock get higher and investors stick with sound, proven investments while staying risk averse.
Tech stocks, particularly those linked to AI, should continue to do very well. We anticipate positive movement from Nvidia, Microsoft, Google, and Apple, and we will be seeing earnings reports from Lowes and Palo Alto Networks this week.
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