1 Stock to Buy, 1 Stock to Sell This Week: Carnival, Walgreens Boots Alliance
Wall Street’s three major indexes closed mixed on Friday to notch their best week of 2024 after the Federal Reserve stuck with projections for three interest rate cuts by year's end and amid continued optimism over artificial intelligence.
For the week, the benchmark S&P 500 rallied 2.3% in its biggest weekly percentage gain since mid-December.
Meanwhile, the tech-heavy Nasdaq Composite and the blue-chip Dow Jones Industrial Average rose 2.9% and 2% respectively.
Source: Investing.com
The holiday-shortened week ahead — which will see U.S. stock markets closed on Friday for the observance of the Good Friday holiday — is expected to be a busy one as investors continue to assess how much juice is left in the AI-inspired rally on Wall Street and when the Fed will start cutting interest rates.
Most important on the economic calendar will be Friday’s core personal consumption expenditures (PCE) price index, which is the U.S. central bank’s preferred inflation measure. In addition, there is also important fourth quarter GDP data due on Thursday.
Source: Investing.com
Those releases will be accompanied by a heavy slate of Fed speakers, with the likes of district governors Raphael Bostic, Christopher Waller, and Mary Daly set to make public appearances following last week's FOMC meeting.
Meanwhile, Fed Chairman Jerome Powell will participate in a moderated discussion before the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference.
Traders now see about a 75% chance of the first rate cut hitting in June, according to the Investing.com Fed Monitor Tool.
Elsewhere, on the earnings docket, there are just a handful of corporate results due, including Walgreens Boots Alliance (NASDAQ:WBA), GameStop
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