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20 May 2024 | FXGT.com
Weekly Market Recap – US Stocks Reach New Record Highs
- US Stocks Reach New Record Highs: Wall Street had a record-breaking week, driven by slower-than-expected April inflation data. The headline CPI increased at a slower-than-anticipated rate, and core CPI cooled for the first time since October 2023. Following the data, markets surged as investors now see a 65% chance of a September rate cut, with two cuts expected by year-end. For the week, the S&P 500 gained 1.7%, the Dow Jones 1.3%, and the Nasdaq 100 2.2%.
- US Retail Sales: April retail sales were flat at 0.0%, missing expectations of a 0.4% increase and recording one of the weakest performances this year. This suggests a potential slowdown in economic activity, with consumers possibly reducing spending due to elevated interest rates and persistent inflation.
- Japan’s Economy Contracts: Japan’s economy has faced another setback, with GDP contracting by 0.5% in the first quarter. A major concern is the persistent decline in private consumption, which has now contracted for four consecutive quarters. This trend highlights the challenging economic conditions Japan is currently experiencing.
- WTI Crude Recovers to $80: Crude Oil closed above $80 per barrel on Friday as energy markets recovered. Despite staying within recent consolidation levels, US Crude Oil prices were boosted by a reported decline in US barrel counts from both the Energy Information Administration (EIA) and the American Petroleum Institute (API), indicating tightening supply and supporting higher prices.
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