The Nasdaq closed at a record high on Friday. Hopes for continued cooling of inflation boosted the S&P 500 and Nasdaq last week - the S&P 500 was up 1.6% and the Nasdaq Composite ended the week higher by 3.2%. With inflation coming in lower than expectation, the aggressive stock market rally might be due for a pause.
Economic reports from last week came back mixed:
•Small Business Optimism - higher than expectation
•Inflation (Consumer) - lower than expectation
•Inflation (Producer) - lower than expectation
•Consumer Sentiment - lower than expectation
•Jobless Claims - higher than expectation
In a holiday-shortened week, investors will look for guidance from economic reports like Manufacturing, Retail Sales, Housing, and Jobless Claims.
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