Market Week: May 6, 2024
The Markets (as of market close May 3, 2024)
The markets enjoyed a solid week of gains on the heels of favorable corporate earnings data and a softer-than-expected employment report (see below). Investors could be viewing the dip in job hires and wage growth as the fuel the Federal Reserve needs to consider interest rate cuts. The Fed has consistently maintained that a softening labor market would help drive inflation lower. The Russell 2000 and the Nasdaq led the benchmark indexes listed here. Ten-year Treasury yields, gold prices, and the dollar declined. Crude oil prices slid more than 6.5% amid rising inventories and a push for a Gaza ceasefire.