From NASDAQ.: 2024-04-30 08:00:00

The S&P 500 posted its best week since November on April 26, with U.S. stocks recovering April losses. Big Tech rally propelled the index up by 2.7%, while the Dow Jones ticked up 0.7% and the Nasdaq surged 4.2%. Strong earnings boosted Alphabet’s market cap to $2 trillion.

Tech giants like Alphabet, Microsoft, and NVIDIA saw significant gains last week, while Meta faced a slump due to disappointing revenue guidance. Apple and Tesla also ended in negative territory for the year. The “Magnificent Seven” collectively added $686 billion in market value, their strongest performance since November 2023.

U.S. economic growth slowed in the first quarter, with GDP rising 1.6% annually, missing Wall Street’s forecast of 2.4%. Core PCE inflation rose faster than expected to 2.7%, exceeding market estimates. The U.S. 10-year Treasury yield reached 4.70%, the first time since November, reflecting investor sentiment towards rate cuts.

Top-performing ETFs last week include KraneShares CSI China Internet ETF, KraneShares Hang Seng TECH Index ETF, Global X Blockchain ETF, VanEck Digital Transformation ETF, and First Trust SkyBridge Crypto Industry & Digital Economy ETF. These ETFs saw gains between 11.2% to 12.9% amid the market’s positive performance.



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