Last Week Stock Market Summary (April 29th - May 3rd, 2024)
The stock market closed out the week on a positive note, with all major indices gaining ground. Here's a quick recap:
- S&P 500: Up around 0.6% for the week, closing at approximately 5,127.79.
- Dow Jones Industrial Average (DJIA): Gained roughly 1.1% for the week, closing near 38,675.68.
- Nasdaq Composite: Outperformed the other major indexes, surging about 2.0% for the week, closing at approximately 16,156.33.
The positive momentum came despite some lingering concerns about inflation and the Federal Reserve's monetary policy. However, a strong jobs report on Friday, showing a slowdown in wage growth, seemed to ease some investor anxieties. Additionally, positive earnings reports from several technology companies helped boost the Nasdaq.
Coming Week Market Moving Events (May 6th - May 10th, 2024)
Here's a glimpse into some of the key events that could impact the market next week:
Economic Reports:
- Monday, May 6th: No major economic reports expected.
- Tuesday, May 7th: Institute for Supply Management (ISM) Non-Manufacturing PMI (Purchasing Managers' Index) release. This report measures activity in the services sector of the economy.
- Wednesday, May 8th: ADP Employment Report. This report provides a private-sector estimate of job growth in the U.S.
- Thursday, May 9th: Initial Jobless Claims data release. This report tracks the number of new claims for unemployment benefits each week.
- Friday, May 10th: Consumer Price Index (CPI) release. This report measures inflation in the U.S.
Earnings Announcements:
Monday, May 6th:
- Palantir Technologies (PLTR): According to Palantir Technologies Investor Relations earnings will be released on May 2nd, 2024 after market close (not this week).
Tuesday, May 7th:
- Marathon Digital Holdings (MARA): According to Marathon Digital Holdings Investor Relations earnings will be released on May 9th, 2024 after market close.
Wednesday, May 8th:
- Rivian Automotive (RIVN): According to Rivian Automotive Investor Relations earnings will be released on May 10th, 2024 after market close.
- Disney Company (DIS): According to The Walt Disney Company Investor Relations earnings will be released on May 8th, 2024 before the market opens.
Thursday, May 9th:
- Spirit Airlines (SAVE): According to Spirit Airlines Investor Relations earnings will be released on May 9th, 2024 after market close.
- Arista Networks (ANET): According to Arista Networks Investor Relations earnings will be released on May 9th, 2024 after market close.
Friday, May 10th:
- Airbnb Inc. (ABNB): According to Airbnb Investor Relations earnings will be released on May 10th, 2024 after market close.