{"id":23290,"date":"2024-05-06T15:09:12","date_gmt":"2024-05-06T20:09:12","guid":{"rendered":"https:\/\/www.eoption.com\/market-review-may-06-2024\/"},"modified":"2024-05-06T15:09:12","modified_gmt":"2024-05-06T20:09:12","slug":"market-review-may-06-2024","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/market-review-may-06-2024\/","title":{"rendered":"Market Review: May 06, 2024"},"content":{"rendered":"\n
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Closing Recap<\/span><\/b><\/p>\n

Monday, May 06, 2024<\/span><\/b><\/p>\n\n\n\n\n\n\n\n
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Index<\/span><\/p>\n<\/td>\n

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Up\/Down<\/span><\/p>\n<\/td>\n

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%<\/span><\/p>\n<\/td>\n

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Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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DJ Industrials<\/span><\/b><\/p>\n<\/td>\n

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176.26<\/span><\/p>\n<\/td>\n

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0.46%<\/span><\/p>\n<\/td>\n

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38,851<\/span><\/p>\n<\/td>\n<\/tr>\n

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S&P 500<\/span><\/b><\/p>\n<\/td>\n

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52.94<\/span><\/p>\n<\/td>\n

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1.03%<\/span><\/p>\n<\/td>\n

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5,180<\/span><\/p>\n<\/td>\n<\/tr>\n

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Nasdaq<\/span><\/b><\/p>\n<\/td>\n

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192.92<\/span><\/p>\n<\/td>\n

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1.19%<\/span><\/p>\n<\/td>\n

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16,349<\/span><\/p>\n<\/td>\n<\/tr>\n

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Russell 2000<\/span><\/b><\/p>\n<\/td>\n

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24.95<\/span><\/p>\n<\/td>\n

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1.23%<\/span><\/p>\n<\/td>\n

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2,060<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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U.S. stocks marched higher for a 3rd<\/sup> straight day on Monday (spiking in final minutes to close at the highs), buoyed by Communications, Energy, Industrials, Financials, and Technology shares bouncing after a rough April. A recent bout of higher inflation readings weighed on sentiment last month, but investors look to have shaken their fears amid a strong start for stock markets in May. Federal Reserve Bank of New York President John Williams said that \u201ceventually\u201d the central bank will cut interest rates; not offering a specific timetable for monetary policy easing in comments made before the Milken Institute 2024 Global Conference noting the Fed\u2019s efforts to shrink the size of its balance sheet have gone well and haven\u2019t rattled markets. Treasury yields edged modestly lower, but the 10-yr held up around 4.5%, while the dollar index (DXY) was flat around 105. Gold prices resumed their upward momentum after a brief pullback off recent all-time highs. The Smallcaps Russell 2000 advanced for the 6th<\/sup> time in seven days while the Nasdaq rose as high as 16,312 on day, a nearly 900-point bounce off the 4\/25 low of 15,375 – just 8-trading days ago. S&P futures (Spuz) hit new highs this afternoon above 5,200 (first time above 5,200 since 4\/15) \u2013 and well off the April low of 4,963.50 on 4\/19 as markets continue to squeeze as inflation fears subside (ahead of CPI, PPI data next week) as investors use the April dip to buy. A quiet day on macro front with no major US economic data (or for the week upcoming) and heavy dose of earnings begins tomorrow. A big day for technicals as the Russell 2000, S&P 500, and Nasdaq 100 all moves well above their respective 50 day moving averages with today\u2019s rally.<\/p>\n

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Commodities, Currencies & Treasuries<\/p>\n