Employees at the NLMK Pennsylvania plant in Farrell, Pennsylvania, had a reason to celebrate on Friday as the major averages all ended the week higher. The Dow was up 0.7%, the S&P 500 gained 2.7%, and the Nasdaq surged 4.2%.
The positive market performance was driven by strong gains from companies like Nvidia, Alphabet, and Tesla. However, analysts caution that the market remains sensitive to any news or developments, as evidenced by the sharp movements seen throughout the week.
Now, all eyes are on the Federal Reserve as Chairman Jerome Powell navigates the tricky waters of inflation and interest rates. The Fed is expected to keep its key federal funds rate unchanged at 5.25% to 5.5%, but Powell may face questions about the potential interference from former President Donald Trump’s camp.
In addition to the Fed meeting, investors are eagerly awaiting the April jobs report, which is expected to show solid numbers with unemployment holding at 3.8% and payroll growth around 240,000.
Meanwhile, a slew of S&P 500 companies are set to report earnings this week, including tech giants like Amazon, Apple, and pharmaceutical giant Eli Lilly. The earnings season so far has been positive, with a majority of companies beating Street estimates.
Overall, the market continues to show resilience, but investors remain cautious as they navigate through a volatile economic landscape.
