- S&P 500 rises 1.54%, closing at 4,414.57, marking its seventh consecutive week of gains.
- Nasdaq 100 and Dow Jones Industrial also post gains, with technology and consumer sectors leading.
- Market players overlook Fed Chair Jerome Powell's hawkish comments, focusing instead on mixed economic data.
- Upcoming week to focus on US inflation data, unemployment claims, and further commentary from Federal Reserve officials.
Wall Street is set to finish the week with gains, as the S&P 500 prints solid gains above the 4,400 figure, shrugging off a deteriorated consumer sentiment, while US Treasury bond yields stabilized after climbing more than 10 bps along the whole yield curve on Thursday.
Wall Street ends week on a high note as S&P 500 surpasses 4,400, despite mixed economic signals and Fed's hawkish stance
At the time of writing, the S&P 500 is gaining 1.54% late Friday, staying at 4,414.57, on track for seven-week gains, while the Nasdaq 100 rises 2.05%, at 13,798.56. The laggard was the Dow Jones Industrial, which ended up 1.20%, at 34298.
On Thursday, hawkish remarks by the US Federal Reserve (Fed) Chair Jerome Powell were brushed aside by traders, who remain reluctant to accept additional rate hikes by the US central bank. In the meantime, a poll of the University of Michigan (UoM) revealed that Consumer Sentiment deteriorated, while American households upward revised inflation expectations from now to a one-year horizon at 4.4%, while for five years, at 3.2%.
Given the backdrop, the 10-year US Treasury bond yields failed to gain traction and finished almost flat at 4.618%, while the Greenback dropped 0.09%, as measured by a basket of six currencies, namely the US Dollar Index at 105.79.
Sector-wise, the leaders were Technology, Communication Services, and Consumer Discretionary, each added 2.69%, 1.67%, and 1.66%, respectively. The laggards were Utilities, Health, and Consumer Staples, gaining 0.52%, 0.60% and 0.66%, each.
Investors remained focused on the Federal Reserve, as Atlanta Fed President Raphael Bostic stated that policymakers can bring inflation to its goal with the current level of the fed funds rate. Meanwhile, San Francisco Fed President Mary Daly pushed against dovish postures, adding the Fed could need to hike again if progress on inflation stalls.
Next week's economic docket will feature US inflation data, unemployment claims, and Fed speaking will provide some clues regarding the US economy's status.
S&P 500 Price Analysis – Daily Chart
S&P 500 Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD remains stronger as a Labour majority could lead to political stability
![GBP/USD remains stronger as a Labour majority could lead to political stability](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-170160529_XtraSmall.jpg)
The Pound Sterling extends its winning streak, which began on June 27. The GBP/USD pair trades around 1.2740 during the Asian session on Thursday, which could be attributed to the softer data released from the United States on Wednesday.
EUR/USD holds position around 1.0800 as softer US data escalate odds of Fed rate cuts
![EUR/USD holds position around 1.0800 as softer US data escalate odds of Fed rate cuts](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/photo-of-the-american-and-euro-banknotes-57153806_XtraSmall.jpg)
EUR/USD continues its winning streak, trading around 1.0790 during the Asian session on Thursday. This upside is attributed to a decline in the US Dollar due to the escalated speculations of the Federal Reserve reducing interest rates in 2024.
Gold looks north amid light trading, focus shifts to US NFP
![Gold looks north amid light trading, focus shifts to US NFP](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/Gold_Bar_XAU_Precious_Metal_XtraSmall.jpg)
Gold price is looking to extend the previous upsurge early Thursday, sitting at the highest level in over a week near $2,360. Sustained US Dollar weakness alongside sluggish US Treasury bond yields underpin Gold price amid the July 4 US holiday-thinned market conditions.
Binance coin poised for an 11% crash
![Binance coin poised for an 11% crash](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/BinanceCoin/binance_coin_logo_XtraSmall.jpg)
Binance Coin breached its ascending trendline support on Wednesday and declines 3% on Thursday. On-chain analysis reveals a long-to-short ratio below one, indicating bearish sentiment and suggesting a potential price downturn for BNB in the days ahead.
Could the post-UK elections market moves resemble 1997 and 2010?
![Could the post-UK elections market moves resemble 1997 and 2010?](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/UnitedKingdom/london-on-the-move-21611584_XtraSmall.jpg)
Thursday's UK elections expected to bring political change. Similar developments in both 1997 and 2010 weighed on the Pound. History points to a significant easing in Pound volatility across the board. Recent FTSE 100 performance matches the 2015 pre-election moves.