The U.S. stock market ended a five-week positive streak as investors feared that slowing economic momentum could impact the earnings outlook for American corporations.
The U.S. economy grew at an annualized rate of 1.3% in the first quarter, marking a downward revision from the previous estimate of 1.6%.
The tech sector, as tracked by the Technology Select Sector SPDR Fund (NYSE:XLK), was the worst performer of the week, while utilities, tracked by the Utilities Select Sector SPDR Fund (NYSE:XLU), outperformed as investors shifted their focus to defensive sectors.
Trump Stock Drops
Nvidia Valuation Soars
Record Home Prices
U.S. home prices reached all-time highs in March 2024, with a 7.4% year-on-year increase, marking the fastest growth rate in over a year. San Diego led with an 11.1% annual gain, followed by New York and Cleveland.
Stocks Outperforming Nvidia
Biden’s Ceasefire Plan
President Joe Biden proposed a comprehensive ceasefire deal between Israel and Hamas on Friday, emphasizing a roadmap for enduring peace and the release of hostages. The plan includes a ceasefire, prisoner exchanges, and Gaza’s reconstruction with international cooperation.
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