Market Briefings

Last week the S&P 500 extended its May gains and is now less than 1% off its record high.

During the week, the S&P 500 had lots of up-and-down swings (trading in a 2.4% range) and finished up 0.55% for the week. Investor sentiment got a boost on Friday from the upbeat earnings report from Apple.

The markets ended the week on a strong note, closing sharply higher on Friday, as strong earnings reports from mega-cap technology firms Alphabet (Google) and Microsoft, as well as inflation data in the U.S. that was in line with expectations, supported a rebound in market sentiment.

After a strong rally in the stock market in the last several weeks, markets have been pulling back in recent sessions. Market corrections are typical, especially after a 25% rally in the S&P 500 over the past six months, but the tone in the markets in seems to have shifted.

Markets got off to a shaky start to the week and the second quarter, as strong economic readings raised concerns about if and when the Fed will be able to start cutting rates.