During the previous period a primary market concern was modestly rising inflation and moving away from 2.0% Fed's target. This could have the implication for the Fed to postpone their rate cuts planned for this year. However, in an after the meeting statement, Fed Chair Powell noted probable three rate cuts during the course of this year, as well as increased FOMC projection on the US GDP growth rate for this year. This narrative was quite supporting market optimism, so the S&P 500 moved to the higher grounds, reaching a new ATH at 5.257. Still, Friday trading session brought a modest relaxation and the index is finishing the week with 2.3% weekly gain at level of 5.234.
Tech industry is again in the spotlight of the market, but the semiconductor industry is following. This was one of the major gainers during the previous week. Increasing number of analysts are voicing that there is a high concentration among the seven tech companies which are dominating the market and the US indices, including S&P 500. At the same time, real estate and the financial industry were among the worst weekly performers, where the real estate sector continues to be hardly hit by increased interest rates.
Market continues to move with high levels of optimism, which might support the US indices to further explore the new all time highest levels in the coming period, regardless of the fact that they are moving within a highly overbought momentum since the beginning of this year.
Tech industry is again in the spotlight of the market, but the semiconductor industry is following. This was one of the major gainers during the previous week. Increasing number of analysts are voicing that there is a high concentration among the seven tech companies which are dominating the market and the US indices, including S&P 500. At the same time, real estate and the financial industry were among the worst weekly performers, where the real estate sector continues to be hardly hit by increased interest rates.
Market continues to move with high levels of optimism, which might support the US indices to further explore the new all time highest levels in the coming period, regardless of the fact that they are moving within a highly overbought momentum since the beginning of this year.
