Oddbean

S&P 500 notches biggest rally since November 2022 ========== The S&P 500 experienced its largest rally since November 2022 as US initial jobless claims tumbled the most in nearly a year, easing concerns about a slowdown in the US economy. All major groups in the S&P 500 advanced. Treasuries dropped across the curve, led by shorter maturities. The S&P 500 rose 2.3%, the Nasdaq 100 climbed 3.1%, and the Russell 2000 added 2.4%. Nvidia Corp. led gains in megacaps, and Eli Lilly & Co. soared on a bullish outlook driven by sales of its weight-loss drugs. Treasury 10-year yields rose four basis points to 3.99%. Swap traders trimmed bets on aggressive Federal Reserve easing in 2024. Cryptocurrencies surged. US stocks remain at risk of more severe declines if growth continues to decelerate and the Fed does not show urgency in easing monetary policy, according to Dubravko Lakos-Bujas at JPMorgan Chase & Co. UBS Group AG's Solita Marcelli remains confident US stocks will continue their upward trajectory in the coming months. Liz Young Thomas at SoFi believes there is more volatility to come and cooler economic and earnings data that will need to be digested for the remainder of the year. Neil Dutta at Renaissance Macro Research questions whether the Fed should be easing soon and whether a large upfront move is likely or not. #S&p500 #UsLaborMarket #StockMarket #Bonds #JoblessClaims #FederalReserve https://theedgemalaysia.com/node/722213