U.S. stocks reached new heights last week, buoyed by strong earnings reports and rising oil prices amid geopolitical tensions. The S&P 500 and Nasdaq Composite both closed at record levels three times during the week, gaining 0.9% and 1.1%, respectively. This performance marked the best month for both indexes since 2020, with the Dow also showing a modest increase despite volatility throughout the week.
The market’s resilience amid rising oil prices indicates a shift in investor sentiment, as concerns over supply disruptions from the Middle East have not deterred equity performance. Notably, major tech companies reported mixed earnings; while Alphabet and Amazon exceeded expectations, Meta’s outlook raised concerns, leading to a significant stock drop. The Federal Reserve’s decision to maintain interest rates, coupled with positive consumer spending indicators from Visa and Mastercard, paints a picture of economic stability.
Looking ahead, the upcoming earnings reports from a diverse range of companies could test the market’s momentum. Investors should remain vigilant as potential disappointments may impact the current bullish trend.
Source: cnbc.com