Growth-y tech stocks, historically boring utility stocks, gold, copper, bonds, you name it. Everything has been going up. A slate of weakening economic indicators, paired with strengthening company results, seem to be helping investors visualize a soft landing scenario. After gaining 0.3%, or 134 points on Friday, the Dow Jones Industrial Average closed above 40000 points for the first time. The S&P 500 rose 0.1%, while the Nasdaq Composite shed 0.1%, which leaves both indexes just shy of the record highs they hit on Wednesday. The 10-year Treasury yield ticked up, ending the week at 4.419%. All three indexes are in solid green territory so far this month, led by the Nasdaq Composite, which is up 6.6% month to date. The Dow and the S&P 500 have gained 5.3% and 5.8%, respectively. Among the top performers in the S&P 500 was Freeport McMoran, which rose 4.2%. The company mines copper and gold, both of which have been in high demand lately. Another standout was insurer Chubb, which gained another 3.6% on Friday. This adds to the boost the stock already got on Thursday after it emerged that Berkshire Hathaway has been buying up the company's shares. Here’s what else Heard on the Street was watching: Live Markets Snapshot Crude oil, Bitcoin USD and gold continuous contract data refresh every time you open this email. Other data are as of market close.
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The eurozone economy is growing nicely after a long period of underperformance relative to the U.S. Not all countries are doing equally well, but unlike in the past it is the eurozone’s industrial core, namely Germany, that is now lagging behind less-wealthy countries in southern Europe. Whereas German gross domestic product is only 0.3% larger than before the pandemic, Portugal, Italy and Spain have grown 6.1%, 4.6% and 3.7%, respectively, FactSet data shows. Can the PIGS take over as the leaders of European growth? There are reasons to be skeptical.
In Brief Take-Two’s shifting forecasts have spawned a long waiting game, but a big payoff still likely, writes Dan Gallagher. Demand for expensive jewelry and watches is ticking along nicely, even as the outlook for the overall luxury goods industry has soured, writes Carol Ryan. GameStop’s actual business may matter little to the meme stock investors who jumped back into the shares this week. But that business is bleak—and getting bleaker still, writes Dan Gallagher.
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Today's Markets News Trump vs. Biden: How the Dow’s Performance Compares Investors Are Striking Gold All Over Why Utilities Are Lighting Up the Stock Market China Is Finally Getting Serious About a Housing Rescue
📅 What's Coming Up Companies reporting earnings next week include Nvidia, Palo Alto Networks, Macy's and Target. Economic readings out next week include existing home sales, initial jobless claims and consumer sentiment.
You Heard It Here First About a month ago, shares were falling on hotter-than-expected March inflation readings. At the time, Heard Deputy Editor Aaron Back suggested it may be a good time to buy the dip, pointing to more fundamental shifts in the U.S. economy. That turned out to be sage advice: The Dow Jones Industrial Average is up 4% since the column was published, while the S&P 500 and the Nasdaq Composite are each up roughly 3%. “Investors are also still betting on transformative changes in the U.S. economy, most notably the rise of artificial intelligence but also surging electricity demand and new advances in biotechnology. Of the 10 biggest gainers in the S&P 500 this year, five are tech companies—not something normally seen when interest-rate expectations are being reset higher.” — Aaron Back
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