Weekly Market Overview: May 6 – May 10
The S&P 500 index rose 1.9% this week, marking its third consecutive week of gains as earnings reports were mostly above expectations.
The S&P 500 index rose 1.9% this week, marking its third consecutive week of gains as earnings reports were mostly above expectations.
Markets rebounded after April’s weakness: The S&P 500 saw a slight gain but marked its first monthly loss since October.
The S&P 500 index rose 0.5% this week, marking its second consecutive weekly gain and bringing the year-to-date increase to 7.5%, as investors grew more hopeful for potential rate cuts by the Federal Reserve following weaker-than-expected April jobs data. Despite a 4.2% decline in April, the index rebounded, with utilities leading the climb, while quarterly earnings reports mostly exceeded expectations, though revenue didn’t surpass estimates as often.
Last week, the major markets rebounded after a 3 week decline, driven by strong gains in IT and positive earnings reports from over 800 companies.
The S&P 500 rebounded this week on strong earnings reports in the technology and consumer discretionary sectors, though it remains down for the month but positive for the year, with investors focused on upcoming earnings releases and economic data.
Last week saw another drop for major markets, with the S&P 500 posting its third consecutive weekly loss. Only the Dow Jones Industrial Average managed to close flat.
The S&P 500 drops 3% amid mixed earnings and Middle East tensions. Read the full weekly market overview here.
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