3 June 2024 | FXGT.com
Weekly Market Recap – Major Indexes Post Monthly Gains
- Indexes Post Monthly Gains Despite Weekly Losses: Major indexes ended the week lower but concluded May with strong gains. Over the week, the S&P 500 declined by 0.35%, the Nasdaq 100 fell 1.4%, and the Dow lost 0.8%. Despite U.S. inflation meeting expectations, disappointing corporate earnings negatively impacted stock market performance.
- US Dollar Index Steady: The US Dollar Index remained steady, with a mid-week rally offset by a correction after revised Q1 GDP growth estimates showed 1.3% expansion, down from the initial 1.6%, indicating pressure from high interest rates. April’s Personal Income and Spending report showed consumer caution, while stable inflation data suggested cooling price growth.
- Eurozone Inflation Rises: Euro area inflation rose to 2.6% in May from 2.4%, while core inflation increased to 2.9%, driven by strong services inflation. Euro area unemployment hit a record low of 6.4%, supporting consumption but adding inflation pressures. While a rate cut is expected this week, the ECB may wait for more data before committing to any further cuts.
- WTI Declines: Crude oil prices rose on Tuesday amid reports that OPEC+ plans to extend their output cuts. However, these gains were reversed by Thursday due to downward revisions in US growth figures, raising concerns about demand. WTI fell to $77.00 per barrel, marking a second consecutive monthly decline.
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