Stocks ended the turbulent week in the red, with the technology benchmarks Nasdaq Composite (NDAQ) and Nasdaq-100 (NDX) leading the declines. Despite a down week, indexes rounded out a strong month, with the S&P 500 (SPX) registering its best May since 2009 and the Nasdaq clocking its strongest May since 2003.
Technology stocks suffered a pullback in investor confidence last week, as post-earnings selloffs in Salesforce and Dell Technologies added to worries that high-flying tech stocks have run too hot. However, a benign PCE report, coupled with the reduced Q1 2024 GDP growth estimate, suggested that the Fed’s restrictive policy may be succeeding in cooling down the economy, which would result in a continued inflation downtrend.
This week, investors will focus on several important economic reports that will be incorporated into the Federal Reserve’s future policy…
