Markets tried to stay on a positive side after the FOMC meeting, however, the April`s job report was the one that saved the market optimism during the previous week. Although the Fed noted that the first rate cut will occur when data clearly show that the inflation is on a clear road toward the 2.0% target, a much softer than expected jobs report was the one that moved the equity market to the upside during the Friday`s trading session. The S&P 500 is ending the week at level of 5.129, or 0.55% higher from the end of the week before.
The tech companies were mostly the ones which pushed the market to the upside. There has been a lot of discussion about Apple's earnings which missed the target, but the company announced its largest share buyback of $110 billion, which pushed its price even 6% higher. The semiconductor stocks were also traded higher, where Nvidia rose around 3%.
The current sentiment on the market is led toward the overbought momentum. This means that there is a space for the index to move to the higher grounds from current ones. However, the next ATH is highly questionable at this moment.
The tech companies were mostly the ones which pushed the market to the upside. There has been a lot of discussion about Apple's earnings which missed the target, but the company announced its largest share buyback of $110 billion, which pushed its price even 6% higher. The semiconductor stocks were also traded higher, where Nvidia rose around 3%.
The current sentiment on the market is led toward the overbought momentum. This means that there is a space for the index to move to the higher grounds from current ones. However, the next ATH is highly questionable at this moment.
