The Strength of the Market is: Weak
Stocks snapped a three-week losing streak with the Dow Jones adding 2.66%, the S&P 500 gaining 3.65% and the Nasdaq Composite up 4.14%. Since the Federal Reserve's Chair Jerome Powell said again that he is “strongly committed” to bringing down inflation, the stock market has been volatile and is attempting to recover. Last week’s market recovery has shown that there is continued resilience in the US economy. Although, expect for a series of stock market set-backs and recoveries in the near-term.
Economic reports from last week came back mixed: •Jobless Claims - better than expectation •Consumer Credit - worse than expectation This week, investors will look for guidance from economic reports like Small Business Optimism, Manufacturing, Retail Sales, Consumer Sentiment and Jobless Claims.