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The recent performance of Wall Street has been positive, with the S&P 500 closing its fifth winning week in the last six. The Dow and Nasdaq composite also posted gains, while the Russell 2000 rallied, closing out its best week in eight months.
Market Impact of Corporate Earnings
Corporate earnings have had an impact on the market, with Trump Media & Technology Group Corp. seeing a surge in premarket trading, while BlackRock and Goldman Sachs experienced modest increases after beating Wall Street profit targets.
Burberry shares plummeted more than 15% after the luxury fashion house announced the appointment of a new CEO and reported a 21% decline in first-quarter revenue, leading to the suspension of its dividend.
Expectations from Federal Reserve Chair Jerome Powell
Federal Reserve Chair Jerome Powell is expected to make significant comments at the Economic Club of Washington, with investors and economists seeking insights into the central bank’s approach to taming inflation and potential interest rate cuts.
China’s economic growth fell below expectations, with the economy expanding at a slower-than-forecast 4.7% annual pace in the last quarter, leading to market reactions in Hong Kong’s Hang Seng and the Shanghai Composite.
Market Movements Across the Globe
In Europe, Germany’s DAX, London’s FTSE, and Paris’s CAC 40 experienced declines, reflecting the broader market sentiment. Meanwhile, in Asia, markets in Tokyo were closed for a public holiday, while the Kospi in Seoul edged higher and the S&P/ASX 200 in Australia gained. Taiwan’s Taiex and the SET in Bangkok saw losses, indicating mixed movements across the region.
The global oil market also experienced fluctuations, with U.S. benchmark crude oil and Brent crude both losing value in electronic trading.
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