Meta Jumps as Analysts Double Down
on AI Excitement
Hello traders.
While it’s been a choppy week, Friday’s markets are set to end on a positive note. The Dow Jones is up 0.7%, the S&P 500 is up 1.1%, and the Nasdaq is up 1.3%.
Commodities are mostly positive as well this morning. Crude oil is up 1.4%, just shy of $80/barrel. Gold bullion is up 0.6% as well. The only casualty is Bitcoin, which fell by 3.7%.
U.S. stocks are shaking off some of the choppiness they’ve seen over the past few weeks. One thing that helped push the markets today into bullish territory is new data on the services sector, showing the strongest activity since the summer.
The S&P 500 U.S. Services PMI index rose to 50.6. That’s a hefty jump from 46.8 in January, marking the highest reading since June of last year.
Investors are paying close attention to the myriad of economic news, perhaps more so than usual in the hopes of finding suggestions or clues about where the markets are going next.
“We’re trying to draw a signal from each data release about whether that means that we’re close to the peak in inflation and interest rates,” said Sebastian Mackay, a multiasset fund manager at Invesco.
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