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The US major stock indices surged higher today led by the NASDAQ index which rose over 2.0%.
The catalyst was lower than anticipated core PCE data released by the Federal Reserve. That inflation measure is the favor measure of inflation by the Fed. Given the GDP day yesterday with the quarterly core PCE data higher than expectations, the fear was a surprise to the upside today. The MoM came in as expected 0.3%. There was rumblings of a +0.4 – +0.5% level after the data yesterday.
The final numbers today are showing:
The small-cap Russell 2000 rose 20.8 points or 1.05% at 2001.99.
For the trading week, the S&P and NASDAQ indices had their best week since October 30, 2023.
Gains today were led by:
The big losers today included:
Next week, the following companies will announce their earnings (* after the close):
Monday, April 29
Tuesday, April 30
Wednesday, May 1
Thursday, May 2
Friday, May 3