Stocks hit fresh record highs - last week, the S&P 500 advanced 1.66%, the Nasdaq gained 1.4% and the Dow Jones was up 1.3%. Corporate earnings have been surpassing Wall Street estimates, including names like Nvidia (computer chips), Block (payment processing), Carvana (car sales), all surging higher. Now, the question is - has the recent stock run gone up too far and too fast?
Economic reports from last week came back mixed:
•National Economic Activity - lower than expectation
•Existing Home Sales - higher than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Confidence & Sentiment, Personal Income, Construction Spending and Jobless Claims.