The S&P 500 index rose 2.7% last week, its first weekly gain in a month, as the technology and consumer discretionary sectors helped lead a broad rebound amid better-than-expected earnings.
Despite the week’s advance, the S&P 500 is down 2.9% for the month due to the index’s three consecutive weeks of losses earlier in April. Just two trading sessions remain in the month.
However, the S&P 500 is still solidly in positive territory for 2024 with a year-to-date gain of 6.9% thanks to a Q1 rally.
Last week’s climb came as many companies, including Google parent Alphabet, reported quarterly results above analysts’ expectations. Among the 164 S&P 500 components that released quarterly reports that week, nearly 81% had better-than-expected earnings while 57% had better-than-expected revenue, according to Bloomberg data.
All of the S&P 500’s sectors rose for the week, led by technology, which jumped 5.1%, and consumer discretionary, which climbed 3.5%.
The market this week will see earnings reports from more heavyweight companies including Amazon, Eli Lilly, Coca-Cola, Mastercard, Pfizer, Apple, and Berkshire Hathaway, to name a few.
Investors will be focused on April jobs numbers with monthly nonfarm payrolls and unemployment rates due on Friday. Other data expected this week includes April consumer confidence, March construction spending, and April auto sales.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:
