SPY - US Stocks Jaded After 6 Straight Weekly Gains: Ahead Of Fed Meet Analyst Explains Why 'Higher For Longer' Is Best Bet Now | Benzinga
U.S. stocks seem poised to kick off the new week with a subdued tone, riding the coattails of recent gains and influenced by two significant Main Street catalysts: the Federal Reserve’s rate-setting meeting and the November inflation report. The prevailing sentiment is cautious, with attention turning to Treasury auctions, particularly the 10-year notes, and the market’s response to them, which could heavily impact trader sentiment. Until these key catalysts play out, the market may experience limited momentum.
Recap Of Last Week’s Trading:
In the week ending Dec. 8, stocks sustained upward momentum, although buying interest waned. The three major averages, along with the Russell 2000 Index featuring small-cap stocks, closed in positive territory.
Reflecting on the economic developments of the past week, Brad McMillan, Chief Investment Officer at Commonwealth Financial Network, expressed positivity. He highlighted that the November jobs report revealed job additions surpassing expectations for the month, even though the pace of job growth has significantly slowed from the robust levels observed earlier this year. Additionally, the University of Michigan’s consumer sentiment reading exceeded expectations, indicating positive prospects for holiday sales.
“The U.S. economy continues to chug along and is still headed for a soft landing. Interest rates have largely normalized, and markets are following suit,” he said.
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