Editor
The S&P 500 enters a bull market and moves to close this week with high gains.
Now that the S&P is officially in a bull market, the market is less worried about a recession. A “bull market is a Wall Street term used for indexes that reach a 20% increase from their worst recent low. In the case of the S&P 500, its worst recent low was in October last year, when most indexes took significant hits and declined.
The S&P 500 index has reached a milestone by experiencing a 20% rally from its recent low point, officially exiting a bear market. This signifies a significant recovery in the index and is seen by some investors as the start of a new bull market. The exit from the bear market is noteworthy as it demonstrates renewed investor confidence and optimism in the market.
Investors are eagerly awaiting the release of inflation data and the next decision on interest rates from the Federal Reserve. These factors are crucial in shaping market expectations and determining the future direction of monetary policy. The outcome of the data and the Fed’s decision will likely have a significant impact on investor sentiment and market trends.
Both the Nasdaq Composite and the S&P 500 have recently reached new highs for the year. This can be attributed to several factors, including better-than-expected earnings reports from companies and the expectation of a pause in rate hikes by the Federal Reserve. These positive developments have particularly boosted the performance of technology stocks, as investors are drawn to their growth potential and prospects in a more accommodative monetary policy environment.
As for today’s session, both Nasdaq and the S&P moved to end the week with wins. The tech-heavy Nasdaq was up by 0.26% to 13.274.30 basis points. The S&P 500 rose by 0.22% to 4.303.20 basis points, its highest level since October 13, 2022. The Dow Jones Industrial Average gained the same average of 0.14% to 33,920.00 basis points.
As for the bond market, the U.S. 10-year Treasury yield was up by 1.03% to 3.749.
Moving to individual sticks, Tesla increased by more than 4% for the second day, moving to its best weekly gains for this month.
On Friday, shares of Netflix rose by more than 3% in response to new data from analytics platform Antenna. The data revealed a significant increase in sign-ups for the streaming service in the United States, marking the highest surge in at least four and a half years. This surge in sign-ups follows the implementation of a controversial crackdown on password sharing by Netflix last month.
According to Antenna, between May 25 and May 28, Netflix experienced its four biggest days for sign-ups in the United States since tracking began in 2019. Notably, on May 26 and May 27, the streaming service recorded nearly 100,000 daily sign-ups. This positive response from consumers demonstrates a strong demand for Netflix’s services.
