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During the week of October 7-11, 2024, the U.S. stock market continued its upward momentum. The S&P 500 rose by 1.07%, reaching new record highs, while the Nasdaq Composite added 1.15%. The Dow Jones Industrial Average also gained 1.10%. Growth stocks outperformed value stocks, and small caps saw moderate gains, with the Russell 2000 rising 0.69%.
Despite a rocky start to the week due to stronger-than-expected jobs data, which reduced the likelihood of a near-term rate cut by the Federal Reserve, markets rebounded as investor optimism around a soft economic landing prevailed. The release of hotter-than-expected Consumer Price Index (CPI) data midweek added some volatility, but stocks generally managed to hold steady.
Sector performance was mixed, with Information Technology leading the way with a 2.52% gain, while Utilities struggled, dropping 2.90%. Energy and communication services also faced slight declines.
Treasury yields continued to rise as rate-cut expectations dwindled, and commodity prices showed divergence, with oil climbing 1.44% and natural gas falling nearly 8%.
Overall, it was a strong week for U.S. equities as earnings season began, particularly with better-than-expected bank earnings reports, which contributed to the market’s resilience.
