May 06, 2024

S&P 500 Posts Back-to-Back Weekly Gains

Latest Publications S&P 500 Posts Back-to-Back Weekly Gains

Weak Jobs Report Spurs Rate Cut Hopes

U.S. equities ended higher on the week with the S&P 500 erasing early-week losses on Friday following a weaker-than-expected jobs report, reigniting hopes for 2024 rate cuts. April nonfarm payrolls rose by 175,000, the fewest since October 2023. Investor sentiment also was supported by improved earnings among several Big Tech companies and easing energy prices. FactSet’s first quarter earnings estimate is now pointing towards a blended growth rate of 5.0%, up from 3.5% the week prior.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.