-
U.S. stocks rose on Friday, despite falling slightly during the week.
-
Investors were able to recover most of the losses they incurred as a result of the heavy sell-off in the markets on Monday.
-
Investors are awaiting key inflation data next week, with the consumer price index due on Wednesday.
U.S. stocks rose on Friday but ended the day with their fourth straight weekly loss.
High volatility on Monday led to choppy trading for the stock market this week as investors dealt with Yen trade decline And fears of Possible economic slowdown.
The volatility during the week — with the S&P 500 recording its worst day since 2022 on Monday and then its best day in the same period on Thursday — made for the most volatile trading week of 2024.
Stocks ended Friday’s trading session modestly higher after struggling to make gains earlier in the session.
Weekly Unemployment Claims Report Silent on Thursday Help push stocks higher The manufacturing sector posted its biggest gain in about two years as sentiment about the economy and labor market improved after investors panicked following last week’s July jobs report.
“Market narratives can change quickly, but they’re not always correct,” said Larry Adam, chief investment officer at Raymond James. “This has happened several times during this cycle, and it will happen again. Don’t make investment decisions based on any one indicator or number.”
Next week, investors will await key inflation reports, including the producer price index on Tuesday, followed by the consumer price index on Wednesday.
Wall Street analysts say they expect a slightly stronger reading on consumer price inflation, but not strong enough to dampen expectations of a Federal Reserve rate cut next month.
“We expect headline CPI to rise 0.3% m/m in July, mainly due to higher inflation in core services and energy prices. This would leave the annual rate unchanged at 3.0%. Meanwhile, we expect core CPI to rise 0.2% m/m,” Bank of America analysts wrote on Friday, adding that if the data comes in line with their expectations, markets will start pricing in fewer rate cuts.
Here’s where U.S. stock indexes stood at the close at 4 p.m. Friday:
Here’s what else happened today:
In commodities, bonds and cryptocurrencies:
-
West Texas Intermediate US crude oil rose 1.04% to $76.98 a barrel. Brent crudeThe price of a barrel of Brent crude oil rose 0.71% to $79.72.
-
gold Gold rose 0.20% to $2,468.30 an ounce.
-
The yield on the 10-year US Treasury note fell 5 basis points to 3.94%.
-
Bitcoin It fell 1.96% to $60,499.
Read the original article on Business Insider
Comments are closed, but trackbacks and pingbacks are open.