Stocks rose to hit new highs for the year. Last week, the S&P 500 jumped 0.2% to notch six straight weeks of wins and its longest winning streak since 2019. The Dow Jones was slightly up and the Nasdaq added 0.7%. With falling inflation and high consumer confidence, it seems like the US economy is no longer on the brink of a recession.
Economic reports from last week came back mixed:
•Vehicle Sales - lower than expectation
•Job Openings - lower than expectation
•Private Employment - lower than expectation
•Total Employment - higher than expectation
•Labor Productivity - higher than expectation
•Consumer Credit - lower than expectation
•Consumer Sentiment - higher than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Small Business Optimism, Inflation, Retail Sales, Manufacturing and Jobless Claims.