This is our weekly market update.
A week of records, and dips this week as shares opened higher in New York on Friday after the February jobs data failed to slow the market’s upward momentum. The S&P 500 initially reset its record high as did Nvidia, AMD, Meta Platforms and Super Micro Computer In early trading as Nvidia rose 5 per cent and Apple recovered above $US170 a share.
But the rally stalled as Wall Street took profits, while U.S. Treasury yields dipped after the Labor Department said U.S. job growth accelerated in February, even as the unemployment rate jumped from 3.7% to 3.9%, and wage gains moderated. The mixed report kept on the table an anticipated interest rate cut in June by the Fed. “The payroll data suggests that the Fed should be on hold, but the wage, hours worked, and household data all suggest that a cut will be appropriate at some point soon,” Jefferies said in a note.
But from here, it’s possible we will see a decent market pull back, five or 10%, over the course of next month or two.
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