Stocks edged higher on Friday as the market recovered following Monday’s sharp sell-off. The S&P 500 rose 0.47% to 5,344.16, the Nasdaq gained 0.51% to 16,745.30, and the Dow increased by 51 points to 39,497.54. Despite last week’s turbulence, with Monday marking the worst day since 2022, the S&P 500 nearly erased its losses, ending the week down just 0.04%.
Upcoming economic data, especially jobless claims and CPI are expected to be critical in determining market direction. Wall Street eyes Walmart’s earnings next week as a key indicator of consumer spending.
What Analysts Are Saying:
- Goldman Sachs: Upcoming data could pivot investor focus back to stock-picking rather than macro concerns.
- Bank of America: A soft CPI might offer relief, but a hot CPI could trigger stagflation fears.
- Alpine Macro: Despite corrections, they remain bullish, believing the Fed has room to manoeuvre.
- Evercore ISI: Predicts the S&P 500 could reach 6,000 by the end of 2024.
- BTIG: Suggests a final durable low may still be ahead.
- RBC Capital Markets: Remains optimistic but warns of potential choppy conditions.
