29 April 2024 | FXGT.com
Weekly Market Recap – US Stocks Recover Driven by Strong Earnings from Technology Companies.
- Tech-Led Stock Market Rally: US Stocks experienced notable gains this week, ending a three-week losing streak, largely driven by strong earnings from technology companies. Tesla, Microsoft, and Alphabet all exceeded market expectations, injecting confidence into the tech sector. The Nasdaq 100 surged by almost 4%, the S&P 500 climbed by 2.70%, while the Dow Jones Industrial Average increased by 0.70%.
- US GDP Growth Slows: In the first quarter, the U.S. economy grew at its slowest rate in two years, echoing a global slowdown and spurring fears of stagflation due to hotter-than-expected inflation data. However, U.S. Treasury Secretary Janet Yellen offered optimism, suggesting potential upward revisions to GDP growth and stabilization of inflation to more typical levels, despite temporary constraints.
- Yen Sinks to New Lows: The Japanese yen has hit new multi-decade lows against the US dollar, following the Bank of Japan’s recent policy meeting which provided no clear signals on interest rate hikes. Additionally, Tokyo’s inflation figures fell below expectations, boosting the USDJPY to reach the ¥158 level.
- Oil Prices Recover: Crude oil futures saw their first weekly increase in three weeks, rising by 1.74%. The gain was driven by increased tensions in the Middle East, notably the Israel-Hamas conflict, and a significant drop in U.S. crude inventories, falling to their lowest since January.
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