Market Pulse

Market Pulse

February 5, 2024

Market views heading into the week highlight what we're watching and important news ahead.

A look back

  • U.S. equities hit another all-time high as the S&P 500 rose 1.4% and has been positive in 13 of the past 14 weeks. The consumer discretionary sector led gains as international stocks lagged.
  • It was a volatile week for U.S. Treasury yields, which spiked on Friday following the hotter-than-expected jobs report. The 10-year yield closed the week around 4.03%.
  • Nonfarm payrolls grew by 353,000 in January, almost double the expected increase; November and December figures were also revised upward, reinforcing the job market’s resilience.

A look ahead

  • The spotlight will be on 104 S&P 500 companies reporting fourth quarter results. About halfway through earnings season, fewer S&P 500 companies have beaten consensus estimates than the 5- and 10-year averages.
  • While this week will be light on economic data, markets will focus on comments from several Federal Reserve (Fed) officials.
  • Economic releases: ISM Services, Trade Balance, Consumer Credit, Initial Jobless Claims, Wholesale Inventories.

Reaccelerating jobs growth

Friday’s jobs report surprised to the upside and included positive revisions to the past two months. December and January saw the two biggest increases since January 2023. Additionally, average hourly earnings rose 4.5% year over year in January, matching the best monthly pace in two years.

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