Despite a tumble in Amazon, Facebook, Google and Microsoft shares, the overall stock market made notable gains last week - the Dow Jones was up 5.7%, the S&P 500 gained 3.9% and the Nasdaq rose 2.2%. What gave stocks this boost? Hope of slowing inflation and optimism of a less aggressive Federal Reserve (who meet this week to decide the next interest rate increase).
Economic reports from last week came back mixed: •Single-Family Home Values - in-line with expectation •Consumer Confidence - lower than expectation •Consumer Sentiment - higher than expectation •Manufacturing (Richmond) - lower than expectation •Manufacturing (Kansas City) - lower than expectation •Gross Domestic Product - higher than expectation •New Home Sales - higher than expectation •Pending Home Sales - lower than expectation •Personal Income - higher than expectation •Jobless Claims - lower than expectation This week, investors will look for guidance from economic reports like Manufacturing, Job Openings, Construction Spending, Vehicle Sales, Employment, Economic Productivity and Jobless Claims.