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Home Business & Finance

Wall Street Rebounds on Strong Economic Data and Nvidia Earnings

Eriki Joan UgunushebyEriki Joan Ugunushe
May 24, 2024
in Business & Finance
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Wall Street Rebounds on Strong Economic Data and Nvidia Earnings
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Wall Street rebounded on Friday after a rocky week. Investors, seemingly fueled by upbeat economic data and a case of pre-holiday cheer, pushed stock prices higher despite lingering concerns about inflation and interest rates.

Table of Contents

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  • Why It Matters
  • What They Are Saying
  • Bottom Line

Why It Matters

This week started with a bang, with the Federal Reserve releasing minutes from their latest policy meeting. Their strong stance, hinting at potentially higher interest rates for longer, sent shivers down some investors’ spines. Additionally, economic data suggested inflation might not be cooling down as quickly as hoped.

However, a strong earnings report from tech giant Nvidia reignited investor enthusiasm for artificial intelligence, and the tech-heavy Nasdaq led the charge in a broad market rally. “It was a nice comeback after yesterday’s beating,” remarked Ryan Detrick, a market strategist. He added, “The surprising economic strength is keeping stocks near record highs.”

While the S&P 500 ended the week flat, and the Dow’s winning streak of Friday gains came to an end, the Nasdaq is poised for its fifth consecutive week of climbing.

The Fed’s message seems to be sinking in, with investors now expecting just one interest rate cut this year, a stark contrast to the six cuts predicted earlier.

What They Are Saying

Despite concerns about inflation, there were positive signs on the economic front. New orders for durable goods, like machinery and appliances, exceeded expectations. Additionally, consumer sentiment improved slightly, although expectations for future inflation dipped.

“The strong economy means a summer rate cut is unlikely,” Detrick explained. “While July is probably off the table, Fed Chair Powell has hinted at a September cut if inflation data continues to improve.”

Bottom Line

So, as investors head into the Memorial Day weekend and the unofficial start of summer, the markets are a mixed bag. While concerns about inflation and interest rates linger, a robust economy and some positive data points are providing a much-needed boost. Only time will tell if the optimism outweighs the jitters, shaping the financial landscape for the rest of the year.

Tags: BusinessDataEconomyfederal characterNewsNvidia earningsWall StreetWall Street Rebounds on Strong Economic Data and Nvidia Earnings
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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