Markets today: S&P 500 hits a wall at end of best week in 2024

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The S&P 500 closed below 5,235. Nvidia Corp. extended gains into an 11th straight week. FedEx Corp. — an economic barometer — surged on solid earnings and a US$5 billion buyback plan. Nike Inc. and Lululemon Athletica Inc. dropped on weak outlooks. Following the Fed decision, stocks were swept up in rally driven by the perception that the central bank wasn’t as hawkish as feared. Policymakers kept their forecast for three rate cuts this year, and Chair Powell didn’t seem overly concerned about the recent uptick in inflation.

“Six months ago, investors were largely pessimistic, with ‘good news being treated as bad news’ and ‘bad news treated as bad news’,” said Mark Hackett at Nationwide. “The pendulum has shifted almost completely, with strong data being viewed as a sign of a ‘soft landing’ — while sluggish data reinforces the belief that the Federal Reserve will cut rates.”

Bill Gross, the one-time bond king, warned that investors are in for a bumpy ride as “excessive exuberance” sweeps financial markets. Equity valuations outside the U.S. are relatively more attractive following a recent rally in technology megacaps, according to Goldman Sachs Group Inc. strategist Peter Oppenheimer.

Source: News Formal (newsformal.com)

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