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Wall Street Wraps Up Positive Week, Thanks to Tech Stocks
Wall Street had another strong end to the week on Friday, with record highs for the S&P 500 and the Dow Jones Industrial Average. Aiding this rally were strong performances from big tech who are expected to benefit from the Federal Reserve’s projected rate cuts in 2024. For the week, the S&P 500 made a gain of 1.2%, the Dow increased by 0.7%, and the Nasdaq took a leap of 2.3%.
Earnings Season in High Gear: High-Profile Companies Set to Report
As we head into another week, the earnings season is intensifying, with several big names due to release their reports. Among them are Netflix, Tesla, IBM, and Intel. Other companies lining up to share their earnings include American Express, Visa, AT&T, Johnson & Johnson, Procter & Gamble, and many more.
Key Economic Events on the Horizon
Besides the earning reports, the economic calendar for the coming week is also packed. Standout events include Friday’s core personal consumption expenditures (PCE) price index, which is the Federal Reserve’s primary gauge for inflation. Preliminary figures for the Q4 GDP will also be released and keenly watched for signals towards the economic direction.
Stocks to Keep an Eye On: Netflix and Tesla in Focus
This week, it is Netflix and Tesla that need to be watched closely. Netflix is expected to do well following its Q4 earnings report, while Tesla may face the downside due to the current marketheadwinds.
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