{"id":248,"date":"2024-05-06T05:08:07","date_gmt":"2024-05-06T05:08:07","guid":{"rendered":"http:\/\/inmyopinion.com.sg\/?p=248"},"modified":"2024-05-06T05:08:07","modified_gmt":"2024-05-06T05:08:07","slug":"market-summary-for-week-ending-3-may-2024","status":"publish","type":"post","link":"https:\/\/inmyopinion.com.sg\/?p=248","title":{"rendered":"Market Summary for Week Ending 3 May 2024"},"content":{"rendered":"<p><strong>US Earnings Update<\/strong>: As the first quarter earnings season progresses, S&amp;P 500 companies are performing strongly against expectations. A higher percentage of these companies are reporting positive earnings surprises, and the magnitude of these surprises exceeds the 10-year average. Consequently, the S&amp;P 500&#8217;s earnings for the first quarter have increased compared to both last week and the end of the quarter. Additionally, on a year-over-year basis, the index is experiencing its highest earnings growth rate since the second quarter of 2022. Eight of the eleven sectors are reporting year-over-year earnings growth, led by the Communication Services, Utilities, Consumer Discretionary, and Information Technology sectors. On the other hand, three sectors are reporting a year-over-year decline in earnings: Energy, Health Care, and Materials. Hard to see a recession in the near term when earnings cycle is up.<\/p>\n<p><strong>US Economics<\/strong>: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-30\/us-labor-costs-accelerate-to-1-2-biggest-advance-in-a-year\">Labour cost<\/a> rise by the most in a year, putting pressure on the FED to delay rate cuts. But lower than expected non-farm payrolls (+175K v 243K) introduced the prospect of slower end demand. Still a mixed bag when it comes to data that influence monetary policy.<\/p>\n<p><strong>US FED<\/strong>: No change, neither hawk nor dove. Powell continues to tread carefully to lower expectations of both hikes and cuts. US10Y has fallen in the couple of days but the trend remains up.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/tvc-invdn-com.investing.com\/data\/tvc_9f872f76c9eabb8500aa248546d59a27.png\" \/><\/p>\n<p>US Stock Market Action: After an initial scare to start the week, US equity markets ended on a stronger note. However, there is the 50dMA resistance to deal with. Equal weighted indices are also under pressure, so the short term outlook is cautious at best.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/tvc-invdn-com.investing.com\/data\/tvc_b3a950fe022a76c4dab37164100ff2e0.png\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-249\" src=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/05\/sc-70.png\" alt=\"\" width=\"700\" height=\"312\" srcset=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/05\/sc-70.png 700w, https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/05\/sc-70-300x134.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Earnings Update: As the first quarter earnings season progresses, S&amp;P 500 companies are performing strongly against expectations. A higher percentage of these companies are reporting positive earnings surprises, and the magnitude of these surprises exceeds the 10-year average. Consequently, the S&amp;P 500&#8217;s earnings for the first quarter have increased compared to both last week [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-248","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Summary for Week Ending 3 May 2024 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/inmyopinion.com.sg\/?p=248\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Summary for Week Ending 3 May 2024 -\" \/>\n<meta property=\"og:description\" content=\"US Earnings Update: As the first quarter earnings season progresses, S&amp;P 500 companies are performing strongly against expectations. 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