Company / Analytics

Analytics, 26 February 2024

What will drive the markets this week?

On Friday, the S&P 500 and Dow Jones Industrial Average marked yet another record-high close, with all three major Wall Street indices notching weekly gains, propelled by the momentum of artificial intelligence stocks. Nvidia, a prominent player in AI, continued its upward trajectory, gaining 0.4% and briefly surpassing the $2 trillion market valuation milestone for the first time. Anthony Saglimbene, chief market strategist at Ameriprise, noted Nvidia’s significant role in driving the Nasdaq and S&P 500 upwards.

In Europe, shares reached another record high for the second consecutive day, fueled by gains in Standard Chartered following robust earnings. However, comments from European Central Bank President Christine Lagarde tempered investor enthusiasm.

In Asia, Japan’s stock market remained closed for a public holiday, but Nikkei futures indicated a potential 1% increase, suggesting the continuation of the record-breaking streak for Japanese stocks next week.

This week, analysts monitoring the market will eagerly await the release of the Personal Consumption Expenditures (PCE) Price Index on Thursday, which is considered the Federal Reserve’s preferred gauge of price fluctuations. This release will be pivotal as Fed officials are keen on gathering further evidence regarding the inflation trajectory. Following the publication of the PCE data, several Fed representatives are scheduled to deliver public speeches, offering insights into their interpretations of the inflationary trends along with other economic indicators.

Also, a roster of companies is slated to announce their earnings, including Workday (WDAY), Lowe’s (LOW), Salesforce (CRM), Paramount Global (PARA), Anheuser-Busch InBev SA (BUD), and Dell Technologies (DELL). Investors can anticipate updates on the housing market and consumer confidence metrics alongside these earnings reports.

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