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10 June 2024 | FXGT.com

Weekly Market Recap – S&P 500 and NASDAQ 100 reach new record highs

  • Stock Market Rebound: U.S. stock indexes recovered from recent losses, ending the week higher with the NASDAQ 100 and S&P 500 hitting new record highs. Renewed enthusiasm for artificial intelligence boosted technology stocks. The S&P 500 climbed 1.1%, the Dow Jones added 0.2%, and the NASDAQ 100 increased by 2.5%.
  • Impact of Job Growth on Rate Cuts: U.S. non-farm payrolls added 272,000 jobs in May, exceeding forecasts of 180,000. The strong job report reduces the Federal Reserve’s motivation to lower interest rates imminently, leading traders to lower expectations of a September rate cut, with probabilities dropping to 50% following the announcement.
  • ECB and BoC Lower Interest Rates: The European Central Bank and Bank of Canada both cut interest rates by 25 basis points, marking the start of easing policies among major economies. These coordinated cuts reflect broader concerns about slowing growth and inflation pressures in the global economy.
  • OPEC+ Production Cuts: U.S. crude oil prices fell below $73 per barrel, reaching a four-month low, after OPEC+ announced production cuts and extensions. Prices recovered to over $75 per barrel by Friday, but the weekly performance was negative with a 2.40% decline. Contributing factors include bearish forecasts, fading risk premiums, and alternative supply sources offsetting the production cuts.
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