AFMC - One Stock Doing The Heavy Lifting; Interest Rates Head Higher On Friday
2024-06-10 09:30:00 ET
Summary
- It has been an interesting few weeks around the world. This ongoing noise is creating choppiness in our stock and bond markets.
- The latest jobs report for May showed that US job growth surged and wages accelerated. Nonfarm payrolls advanced 272,000 last month, beating projections in a Bloomberg survey of economists. Job openings have now dropped to their lowest since 2021.
- Wall Street and oddsmakers ratcheted down, yet again, any expectations for the Fed to cut interest rates until much later in the year, perhaps after the November elections.
- The S&P 500 is currently up approximately 12% year-to-date. Nvidia is doing the most heavy lifting of any of the mega-cap stocks.
By Donn Goodman
Welcome back, readers. It has been an interesting few weeks around the world - new elections, new geopolitical movements, updated data-dependent economic inputs, and, of course, inching closer to US elections. This ongoing noise is creating choppiness in our stock and bond markets.
As I often peruse many research services towards the end of the week, I was pleasantly surprised Thursday evening with a few charts and commentary about recently perceived economic softness and the fact that bonds had rallied, giving an indication that we may see the Fed cut rates soon - something most investors have been anxiously waiting for. Here is one of those Thursday night charts: