Last week, the S&P 500 reached another all-time closing high, buoyed by positive corporate earnings and a strong Jobs Report. The Federal Open Market Committee (FOMC) held rates steady as expected. Stocks declined on Wednesday after Jerome Powell’s press conference but rebounded Thursday. Impressive earnings from Amazon and Meta rallied the S&P 500 to a record close of 4959 on Friday, up 4.06% year-to-date.
This week’s economic data is relatively light. The January Services ISM Report on Business indicated expansion, with the Non-Manufacturing PMI rising to 53.4%, a 2.9% increase from December. While an expanding PMI signals economic health, it raises concerns about potential price increases and persistent inflation.
Earnings season continues, with key reports from McDonald’s (MCD), Chipotle (CMG), Ford (F), CVS Health (CVS), Disney (DIS), and Wynn Resorts (WYNN).
Thank you for reading, and here’s to a great week ahead.
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