Future101
Edited
๐Ÿ’ฐ ๐–๐ž๐ž๐ค๐ฅ๐ฒ ๐—ฆ๐˜‚๐—บ๐—บ๐—ฎ๐—ฟ๐˜† ๐Ÿ’ฐ Week Ending 6/7/2024 ๐–๐ก๐š๐ญ ๐ก๐š๐ฉ๐ฉ๐ž๐ง๐ž๐? - The $SPX500 (SPX500 Index (Non Expiry)) weekly gain, aided by a rally in $NVDA (NVIDIA Corporation) shares, as investors parsed the latest jobs report and looked ahead to the Federal Reserve's monetary policy meeting scheduled for next week. The S&P 500 closed at a record high Wednesday, but fell 0.1% today. The technology sector rose 3.8%, the best performer for the week, followed by health care, communication services and consumer discretionary, all up more than 1.5% each. Consumer staples rose 0.5%. - The economy added 272,000 jobs in May, the Labor Department said, topping a 180,000 increase expected in a survey compiled by Bloomberg. Wage growth also beat Wall Street's expectations, government data showed Friday. Data from the Institute for Supply Management released during the week showed a deepening contraction in the US manufacturing sector activity for May, while the services sector expanded. - As per the CME FedWatch Tool, officials are anticipated to maintain the current interest rate at their meetings next week and at the end of July. The Federal Open Market Committee's Summary of Economic Projections is expected to be the main focus on Wednesday. With higher Q1 inflation data, Morgan Stanley believes this report may signal a move to two rate cuts this year rather than three. In a bid to tame inflation, the FOMC tightened monetary policy by 525 basis points from March 2022 through July 2023, but has since kept interest rates unchanged. ๐–๐ก๐š๐ญ ๐ก๐š๐ฉ๐ฉ๐ž๐ง๐ฌ ๐ง๐ž๐ฑ๐ญ? - Next week's economic calendar will feature the key official consumer and producer inflation reports for May, and an initial reading of consumer sentiment for this month. Weekly Performance: @Future101- (+2.41%) $SPX500 (SPX500 Index (Non Expiry)) - (+1.08%) $NSDQ100 (NASDAQ100 Index (Non Expiry)) - (+2.45%) - To all those who have recently copied me, I would like to say thank you and welcome. Having said that, I would want to thank you sincerely for your ongoing support. Maintaining composure and patience is essential. Cheers to everyone's weekend. - Disclaimer: This is just an opinion and is not a financial advice.
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