Market Recap for 29-April-2024
Investors are eagerly anticipating the conclusion of the Federal Reserve’s two-day policy meeting on Wednesday to gauge potential interest rate cuts.
Initially, markets expected the first rate cut to come in March, but that expectation got postponed to June and then further to September.
Friday’s monthly jobs report will provide a fresh perspective on the strength of the U.S. labor market, with economists expecting the economy to have added 243,000 jobs in April, moderating from 303,000 in March. The unemployment rate is expected to remain steady at 3.8%.
The final two of the “Magnificent Seven” megacaps, which were instrumental in driving market gains higher last year, are set to report. Amazon (NASDAQ: AMZN) will report on Tuesday, followed by Apple on Thursday. This comes after strong performances from Microsoft and Alphabet. However, some peers like Tesla and Meta Platforms have shown mixed results.
The eurozone is set to release inflation and economic growth data on Tuesday, which are likely to reinforce market expectations for a June rate cut by the European Central Bank.
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