2024-05-09 09:00:00 ET
Summary
- Amazon and Apple reported earnings, while the Fed Chair stated that a rate cut is likely unless there are significant changes.
- The market interpreted a softer non-farm payroll report as a sign of a slowing economy, potentially leading to a rate cut.
- The Dividend Harvesting Portfolio increased in value and generated a record amount of weekly dividend income.
This was an interesting week as Amazon ( AMZN ) and Apple ( AAPL ) were the latest big tech companies to report earnings, rates remained unchanged at the FOMC meeting , Fed Chair Powell delivered a dovish press conference , and the labor report came in softer than expected. The Fed hasn't pivoted yet, as Chair Powell stated that the Fed needs to see more data that inflation isn't going to continue upward before they start the cutting process. What Fed Chair Powell said gave the market some clarity: a move higher in rates would be unlikely, and the next move the Fed would make would be a cut unless something drastically changes. After a softer non-farm payroll report where the U.S. added 175,000 jobs when the consensus number was 243,000, it looks like the market is interpreting that this could mean the economy is slowing and that the Fed will look at this data favorably. The S&P 500 was falling into the Fed meeting as it stated the week at 5,119.85 and reached 5,014.74 prior to the FOMC meeting, but finished the week up 0.15% as it closed at 5,127.79. The Nasdaq had a similar arc in the week, as it started the week on the decline but finished up 0.91%....
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Dividend Harvesting Portfolio Week 166: $16,600 Allocated, $1,490.16 In Projected Dividends