The S&P 500 marked its best weekly performance of 2024, snapping a two-week losing streak in the process. The upward bias was rekindled after the Federal Reserve's updated dot plot stuck to three interest rate cuts this year. Many market participants were fearing much worse, and Fed Chair Jerome Powell further calmed concerns with a relaxed attitude towards recent hot inflation reports. For the week, the S&P 500 advanced +2.3%, the Dow Jones Industrial Average added +2.0%, and the tech-heavy Nasdaq Composite climbed +2.9%.

U.S. equity markets have shifted into a holding pattern with a second consecutive week of slight losses following the sharp rally since the end of October in which the S&P 500 surged over 21%.

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Despite a host of political headlines as the presidential election comes increasingly into focus along with several important economic releases, the markets posted mixed returns last week. Large caps gave up a little ground in late trading on Friday.

U.S. equities continued to push to new highs last week as enthusiasm around artificial intelligence sustained a surge in tech stocks. Falling Treasury yields also provided a lift as cooling inflation data, disappointing manufacturing activity, and a drop in consumer sentiment bolstered expectations for the Fed to begin rate cuts this summer.