Already a subscriber?A flurry of data showing US economic resilience drove stocks to their best week this year, with dip buyers stepping in after a recent rout.
, Wyoming, traders hope the Federal Reserve chief will set expectations for the next policy gathering. While officials have brought down inflation, the labour market is still a wild card.The stock market halted a streak of four weeks of losses that had been partially driven by concern the Fed wouldn’t reduce borrowing costs fast enough to prevent a deeper slowdown in the largest economy. Data this weekrekindled hopes the Fed will be able to achieve a soft landing.
The S&P 500 rose to around 5555. Most megacaps gained, with Nvidia leading the charge. Nike had its longest winning streak in more than eight years. Applied Materials sank after a sales forecast that disappointed investors looking for a bigger payoff from artificial intelligence spending. Wall Street’s “fear gauge” – the VIX – dropped below 15.Treasury 10-year yields fell three basis points to 3.88 per cent. The dollar had its third straight week losses – the longest streak since March.
“The speculative community has cleaned up a decent amount of length since the July highs,” Pasquariello wrote in note to clients Friday, referring to Goldman’s prime brokerage data that tracks hedge funds’ positioning and the latest update from the Commodity Futures Trading Commission.