Stocks scored their seventh-straight winning week, last week. The S&P 500 marked its longest weekly winning streak since 2017 and is within reaching distance to its all-time high, which was set in January 2022. On Last Wednesday, the Federal Reserve admitted that its efforts to bring down inflation are taking hold and indicated that three interest rate cuts are coming in 2024, giving investors some extra confidence.
Economic reports from last week came back mixed:
•Small Business Optimism - lower than expectation
•Inflation (Consumer) - higher than expectation
•Inflation (Producer) - lower than expectation
•Retail Sales - higher than expectation
•Manufacturing (New York) - lower than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Housing, Consumer Confidence & Sentiment, Manufacturing, Personal Income and Jobless Claims.