An extremely bullish quarterly earnings report from Nvidia paved the way for stock gains across the board last week. The Dow Jones continued to push further into unchartered territory, gaining 1.3% on the week and surpassing 39k for the first time. Similar story for the S&P 500, which ended the week 1.66% higher and further cemented its place above the 5k level. Despite the rally being started by technology companies, the Nasdaq Composite is the last remaining of the big three to have not yet established a new all-time high. The index gained 1.4% on the week but remains a hair’s breadth away from its highest close of 16,057 back in 2021.
This is to say nothing of the real record breaker last week: the Nikkei 225. Decade-long records are not broken every day, but the Japanese index’s all-time high finally tumbled from its pedestal last Thursday after 34 years. Commentators could perhaps downplay the significance of the event by pointing to the weakness of the Yen as a contributor to the index’s performance, but where’s the fun in that.
The economic calendar does not have much to offer early this week, with the possible exception of new home sales later today. We will have to wait until Thursday to get to the meatier data releases, particularly the Personal Consumption Expenditures (PCE) index. The PCE figures are heavily favoured by the Federal Reserve as being the most accurate inflation gauge. Last week’s FOMC minutes did not garner the attention they are used to, partly because very little surprises were expected, but mostly because the event was overshadowed by a flurry of earnings reports.
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