Company / Analytics

Analytics, 06 May 2024

What will drive the markets this week?

On Friday, Wall Street soared to new heights as a less-than-expected jobs report fueled speculation of potential rate cuts from the Federal Reserve, underlining the resilience of the U.S. economy.

The Dow Jones Industrial Average climbed by 450.02 points, marking a 1.18% increase, closing at 38,675.68. Similarly, the S&P 500 surged by 63.59 points (1.26%) to 5,127.79, while the Nasdaq Composite saw a substantial gain of 315.37 points (1.99%), reaching 16,156.33.

In Europe, shares experienced their most substantial one-day surge in a week, propelled by advancements in the technology sector. Conversely, banks dipped to their lowest in over a week, primarily due to Societe Generale’s bleak forecast. The pan-European STOXX 600 index saw a 0.4% rise, fueled by a 1.6% uptick in the technology sector, spurred by a positive quarterly sales forecast from Apple. The yen continued its rebound from 34-year lows, concluding a turbulent week characterized by suspected interventions from Japanese authorities on two separate occasions.

This week, corporate earnings reports and remarks from Federal Reserve officials take center stage in what appears to be a relatively calm period for economic data.

Palantir Technologies’ (PLTR) earnings report on Monday is expected to shed light on the company’s advancements in artificial intelligence (AI), showcasing its ongoing work in the tech realm. Additionally, market watchers will keep a keen eye on reports from entertainment giants Walt Disney (DIS) and Warner Bros. Discovery (WBD) to gauge the current landscape of the streaming market.

Apple (AAPL) is set to host a highly anticipated product event during the week, generating excitement and speculation among consumers and investors alike.

Meanwhile, the lineup of Federal Reserve speakers scheduled for the week includes some whose previous statements have stirred market unease, adding an element of anticipation to their remarks. Additionally, investors will receive the latest update on consumer sentiment, providing valuable insights into the prevailing mood of consumers and potential trends in spending behavior.

Events expected to move the markets this week

Monday, May 6

Tuesday, May 7

Wednesday, May 8

Thursday, May 9

Friday, May 10

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