Future101 @Future101: "💰 𝐖𝐞𝐞𝐤𝐥𝐲 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 💰 Week Ending..."

Philippines

💰 𝐖𝐞𝐞𝐤𝐥𝐲 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 💰 Week Ending 5/3/2024 𝐖𝐡𝐚𝐭 𝐡𝐚𝐩𝐩𝐞𝐧𝐞𝐝? - The $SPX500 (SPX500 Index (Non Expiry)) rose this week, starting May on a positive note, as investors grew more hopeful the Federal Reserve's policy-setting committee will start cutting rates after April's US jobs data came in weaker than expected. The index earlier this week ended April with a 4.2% loss, the first monthly drop since October 2023. The decline came amid increasing fears that it may be a while before the Federal Open Market Committee feels comfortable lowering rates. The FOMC on Wednesday held benchmark interest rates steady for the sixth straight time, citing a lack of further progress on inflation in recent months. - Despite this, investors maintained their optimism on Friday following official statistics that revealed pay growth slowed last month and the US economy gained fewer jobs than anticipated. In contrast to the Bloomberg consensus expectation of a gain of 240,000, the total number of nonfarm payrolls increased by 175,000 in April. The market had anticipated that the unemployment rate for April would be 3.8%, but it ended up at 3.9%. The growth in average hourly wages was expected to remain at 0.3% in April, but it instead decreased to 0.2% from 0.3% in March. - Quarterly earnings reports continued to come in largely above expectations although revenue hasn't been coming in above estimates as much as earnings. Among the 185 S&P 500 components that released quarterly reports this week, almost 77% had better-than-expected earnings and 58% had better-than-expected revenue, according to Bloomberg data. Sector-wise, utilities led this week's growth this week with a 3.4% increase, followed by increases in real estate and technology at 1.5% apiece and consumer discretionary at 1.6%. 𝐖𝐡𝐚𝐭 𝐡𝐚𝐩𝐩𝐞𝐧𝐬 𝐧𝐞𝐱𝐭? - Next week's earnings calendar features $DIS (Walt Disney) , $DUK (Duke Energy Corp) , $UBER (Uber Technologies Inc.) and $ABNB (Airbnb Inc) while Economic data will include April consumer credit and a preliminary reading on May consumer sentiment. Weekly Performance: @Future101- (+2.0%) $SPX500 (SPX500 Index (Non Expiry)) - (+0.68%) $NSDQ100 (NASDAQ100 Index (Non Expiry)) - (+1.16%) - 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.