Company / Analytics

Analytics, 29 April 2024

What will drive the markets this week?

On Friday, U.S. stocks ended the day on a high note, lifted by a surge in megacap growth stocks following strong quarterly performances from tech giants Alphabet and Microsoft, alongside moderate inflation figures.

In Europe, the benchmark STOXX 600 index marked its largest one-day gain in over three months, led by banking and industrial stocks, while positive results from U.S. megacaps boosted the technology sector. The index closed 1.2% higher, recording its most significant weekly gain since late January, with industrials rising by 1.8%, notably driven by a surge of 11.4% in Finnish engineering group Wartsila after surpassing first-quarter order intake and core profit expectations.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.75% higher at 535.58, while Japan’s Nikkei rose by 306.28 points, or 0.81%, reaching 37,934.76.

Investors will be closely watching the Federal Reserve’s policy meeting and Big Tech earnings as the new month kicks off.

The Federal Reserve’s Open Market Committee is set to convene on Tuesday and Wednesday, widely anticipated to maintain the status quo with the fed fund rate. Nevertheless, all eyes will be on Chair Jerome Powell’s post-meeting press conference, as investors seek hints regarding potential rate adjustments.

Bookending the Fed’s decision are eagerly anticipated earnings reports from Big Tech giants. Amazon (AMZN) will unveil its quarterly financials on Tuesday, followed by Apple (AAPL) on Thursday. Noteworthy earnings releases also include those from chipmaker Advanced Micro Devices (AMD), beverage behemoth Coca-Cola (KO), and fast-food titan McDonald’s (MCD). Wrapping up the week is the unveiling of the April U.S. employment report. Investors will keenly observe whether the economy can sustain its streak of surprising job growth.

Events expected to move the markets this week

Monday, April 29

Tuesday, April 30

Wednesday, May 1

Thursday, May 2

Friday, May 3

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