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25 June 2024 | FXGT.com

Weekly Market Recap – U.S. Business Activity Reaches 2-Year High

  • S&P 500 Posts Three-Week Win Streak: The S&P 500 posted a three-week win streak on Friday, though Wall Street’s bull market stalled on Thursday and Friday. For the week, the S&P 500 gained 0.6%, the Dow Jones climbed 1.5%, while the Nasdaq 100 increased by 0.5%. The week’s highlight was chipmaker Nvidia becoming the world’s largest publicly listed firm by market capitalization.
  • U.S. Business Activity Reaches 2-Year High: U.S. business activity reached a 2-year high, with the S&P Composite PMI rising to 54.6 in June. Businesses reported strong demand and cooling inflationary pressures, signalling strong economic momentum.
  • The Bank of England Holds Rates Steady: The BoE left its key interest rate unchanged at a 16-year high of 5.25% despite inflation easing to the 2% target. Seven members of the Monetary Policy Committee voted to keep rates steady, while two backed a cut to 5%. Some members noted that the decision was finely balanced, indicating a potential move towards reducing borrowing costs this year.
  • Swiss National Bank Cuts Rates Again: The Swiss National Bank lowered rates by a quarter percentage point for the second consecutive meeting, taking its policy rate to 1.25%. The accompanying statement noted that inflation pressure has decreased since the previous quarter.
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