Exiting.
There are three main factors that have propelled the S&P 500 higher in 2024 .. i) solid economic data, ii) impending Federal Reserve interest rate cuts, and iii) AI enthusiasm. Last week provided challenges for all three of those narratives. With key earnings reports, central bank interest rate decisions taking place in Washington DC, London and Tokyo and a pivotal Jobs Report, it always looked like it was going to be a highly volatile week. From that perspective at least, it didn’t disappoint.
Stocks cautiously meandered around with no real purpose on Monday and ended up essentially…
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