1 Stock to Buy, 1 Stock to Sell This Week: Arista Networks, Deere
Stocks on Wall Street closed higher on Friday to notch another winning week as the S&P 500 ended above the key 5,000-point level for the first time ever amid an ongoing rally in mega-cap tech shares.
For the week, the benchmark S&P 500 rose 1.4%, the tech-heavy Nasdaq Composite advanced 2.3%, and the blue-chip Dow Jones Industrial Average added 0.1%.
All three major averages notched their fifth straight winning week and their 14th positive week in 15.
The week ahead is expected to be another eventful one as markets continue to weigh the Fed’s rate plans for the months ahead.
On the economic calendar, most important will be Tuesday’s U.S. consumer price inflation report for January, which is forecast to show headline annual CPI slowing to 2.9% from the 3.3% increase recorded in December.
The CPI data will be accompanied by the release of the latest retail sales figures as well as a report on producer prices, will help fill out the inflation picture.
Source: Investing.com
Those releases will be accompanied by a heavy slate of Fed speakers, with the likes of district governors Thomas Barkin, Mary Daly, Neel Kashkari, Austan Goolsbee, and Raphael Bostic set to make public appearances.
As of Sunday morning, financial markets see just a 16% chance of the Fed cutting rates in March, according to the Investing.com Fed Monitor Tool. Looking out to May, investors believe there is a roughly 61% chance rates are lower by the end of that meeting, down from over 95% just a few weeks ago.
Elsewhere, the earnings season continues, with the list of heavyweights due to report including Cisco Systems (NASDAQ:CSCO), Sony (NYSE:SONY), Shopify (NYSE:SHOP), Coinbase (NASDAQ:COIN), DraftKings (NASDAQ:DKNG), Roku (NASDAQ:ROKU), Arista Networks,
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