Market Drama
Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA
Watch Time: 2.5 minutes
- Welcome to this week’s Market Drama!
Stock Market Updates:
- End of a five-week winning streak due to Salesforce’s earnings report and disappointing future earnings guidance, affecting tech stocks broadly.
- S&P 500 was down 0.5%
- Nasdaq, being tech-heavy, was even more affected: it fell 1.1%
- The market rally has broadened out: utility stocks were up 16% versus tech stocks were up 6.2%.
Economic Data Highlights:
- PCE numbers data came out and met expectations, both in core and headline numbers. This suggests a deceleration in inflation, but not enough to change the Federal Reserve’s stance on interest rates yet.
- The market now anticipates the next interest rate cut to be in September, instead of during the summer (as expected initially).
Coming Up Next Week:
- Nonfarm Payrolls: The consensus estimate for May is 185,000.
- Manufacturing PMI
Stay tuned for next week.
– Andres
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