Your Capital Markets Snapshot: Markets Experienced Notable Movements

Last week was eventful week as markets experienced notable movements driven by various factors. Rising bond yields contributed to interrupting the S&P 500’s six-week streak of gains, as stronger-than-expected economic data continue to temper expectations surrounding rate cuts. The US stock market saw mixed results as the S&P 500 and Dow fell; while the NASDAQ posted its seventh consecutive weekly gain, due to the tech sector being one of the only sectors with positive growth for the week. The yield on the 10-year U.S. Treasury note climbed, reflecting investor caution about inflationary pressures and future interest-rate cuts. Despite the down week and rising rates, the U.S. economy continues to appear resilient as initial jobless claims have continued to come in below estimates, GDP growth expectations remain around 3% for 2024, and recession expectations continue to decline.