The S&P 500 rose by 1.02% to close at 5,099.96, and the Nasdaq increased by 2.03% to end at 15,927.90, marking its best daily move since February. TheThis upward trend broke previous losing streaks, with the S&P 500 snapping a three-week slide by gaining 2.7% on the week and the Nasdaq reversing a four-week downtrend with a 4.2% rise.) on Thursday.
This week, market focus will likely center on key economic events such as the Federal Reserve’s policy meeting on Wednesday, along with updates on average hourly earnings and the nonfarm payrolls report due Friday. “Recent inflation data has not given the Fed the confidence it desires to begin its easing cycle,” Bank of America economists said in a recent note.
: “We expect equities will struggle to find their footing if rates continue to rise sharply, regardless of the macro driver. Since 2006, the S&P 500 has fallen by an average of 4% when real yields rose by more than 2 standard deviations in a month. Today, a two standard deviation 1-month increase in the real 10-year yield equals roughly 55 bp. In line with the historical playbook, real 10-year yields have risen by 40 bp since mid-March and the S&P 500 has declined by 4%.
Source: News Formal (newsformal.com)
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