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Economic Data Sparks Stock Rally: What to Expect Ahead
2024-08-19 09:00:10
Stocks
Economy
Markets

Economic Data Sparks Stock Rally: What to Expect Ahead

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Stocks surged, led by Nasdaq, S&P 500, and Dow, with the best week in 2024 as positive economic indicators outweighed housing disappointments. Earnings reports from Home Depot and Walmart are in, with sectors like tech, consumer discretionary, and financials leading.

Eyes are now on upcoming home sales data, Powell's comments, and earnings from companies like Estee Lauder and TJX. Amid the market's rise, focus shifts to key events like the Jackson Hole Symposium, with investors watching for signs of recovery through inflation and policy decisions.

Amid stock movements, Walmart and Ulta climb, while AT&T dips. Alibaba, JD.com, Nvidia, Tesla, and Amazon are among the movers on investment news and earnings beats.

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Market Optimism Soars After S&P 500's Record Week

Following the S&P 500's stellar performance, stock futures edged up slightly, with the Nasdaq Composite and Dow also making gains. August's turbulence and recession fears were overshadowed by positive economic data, easing rate cut concerns. Investors eagerly anticipate Fed Chair Jerome Powell's speech and the Fed meeting minutes. Wall Street's robust week saw the S&P 500 surge nearly 3.9%, prompting optimism despite market volatility. As the market braces for potential rate shifts, insights from Powell's address at Jackson Hole are highly anticipated. Economic indicators like retail sales and jobless claims have dispelled recession fears, bolstering market sentiment. Amidst hopes for a soft landing, global assets, including EM stocks, are poised for gains if these sentiments persist.

Market Rally and Economic Data Drive Stock Market Outlook

The stock market surged with major indices posting their best week of 2024, led by tech-heavy Nasdaq, S&P 500, and Dow Jones. Positive economic data, including CPI and retail sales, influenced the market, while housing data fell short. Notable earnings reports from Home Depot and Walmart were observed, with sectors like technology, consumer discretionary, and financials leading the pack. Looking ahead, upcoming data on existing and new home sales, alongside Federal Reserve Chairman Jerome Powell's remarks at Jackson Hole, will be pivotal. Earnings releases from companies like Estee Lauder and Palo Alto Networks will also be in focus, shaping the market sentiment.

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