September 29, 2024

S&P500 and Nasdaq 100: Will Cooling Inflation and China Stimulus Maintain Bullish Sentiment?

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Weekly Micron Technology Inc

Semiconductor stocks were another standout, driven by Micron Technology’s strong earnings and positive forward guidance. Micron’s shares soared by 18.26% last week, lifting the broader semiconductor sector. Applied Materials and Lam Research also gained 6.64% and 6.97%, respectively, highlighting the robust demand for AI-related technology.

The materials sector posted its best weekly performance of the year, gaining 3.4%. Freeport-McMoRan led the charge with a 15.29% increase, while Albemarle and Celanese climbed 11.65% and 9.75%, respectively, buoyed by rising commodity prices.

Forecast for Next Week: Focus on Inflation and Jobs Data

Looking ahead, the stock market’s direction next week will depend heavily on key economic data, particularly the September jobs report and upcoming inflation figures. If inflation continues to ease, the Fed may cut rates, further supporting the rally. However, any signs of labor market weakness could introduce volatility. While the outlook remains positive, traders should stay alert to potential shifts in Fed policy and economic indicators.

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