Investing.com -- The S&P 500 notched yet another record high last week, closing above the 5,100 mark for the first time ever. The Nasdaq Composite index also touched a new all-time high, exceeding its previous peak from 2021. The tech-oriented Nasdaq rose more than 1.1% on the day, surging as high as 16,302, before closing at 16,274. Meanwhile, the Dow Jones Industrial Average added 90.99 points, or 0.23%, to 39,087.38.
As for this week, it’s another important one in terms of economy-related events, with the Non-Manufacturing Purchasing Managers' Index (PMI), ADP Employment, and non-farm payroll report all set to come out in the coming days.
Moreover, Federal Reserve Chair Jerome Powell is set to appear before Congress on March 7, where he will give a much-anticipated update on monetary policy.
Although Powell is not expected to offer any fresh insights, he is expected to emphasize the Fed's need for further evidence of inflation slowing down before contemplating any cuts in interest rates.
“We expect him to lean hawkish and stick to the script he has been using since the January FOMC meeting, namely: the Fed needs more convincing evidence that inflation is on track to get back to 2%,” ANZ analysts said in a note.
The analysts have observed that the U.S. economy is in a «reasonably good shape» and noted a significant easing in inflation over recent months. However, they believe the decrease in inflation hasn't been sufficient to assure a steady reversion to the central bank’s annual 2% target.
In addition to major economic events, much of investors' attention this week will also be directed toward the final stretch of the Q4 earnings season.
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