S&P 500 Remains Strong Despite Non-Confirmations
Investors have been keeping a close eye on the S&P 500, which has been dealing with many non-confirmations that have raised eyebrows. However, the bulls have entered the new week on a stronger than expected note, in line with Friday’s very short-term call.
So, what has changed and what has not? According to experts, the macroeconomic landscape is ruling out a new bull market, which stands against a steep rebound before the following three key events get out of the way.
First, it’s the Powell testimony on Tuesday and Wednesday, where the reiteration of rate raising intent is bringing up the assigned probability of a Mar 50bp, and no cuts this year. This, along with the Fed funds rate terminal being now 5.25 – 5.50%, would dial back the buyers’ enthusiasm to some degree.
Second, non-farm payrolls on Friday will also be a key event to watch. The job market has been a major focus for investors, and any surprises in the data could have a significant impact on the market.
Despite these challenges, the S&P 500 remains strong, and investors are optimistic about the future. Experts suggest that investors should keep a close eye on the market and stay informed about any developments that could impact their investments.
