From Investing.com: 2024-04-27 07:05:02

Strong earnings reports from Microsoft and Alphabet have reinvigorated the AI sector outlook, leading to the best week for stocks this year. The Magnificent 7 tech companies lead the charge, with Nvidia rebounding to $873 after cautious remarks from Taiwan Semiconductor. Alphabet’s strong earnings pushed its shares up 10%.

Intel disappointed with lower-than-expected results, dropping 11.2%, while fears of high PCE inflation eased as March numbers aligned with forecasts. The bond market found relief as the US 10-year Treasury note and the Treasury yield both slightly decreased. Consumer sentiment dipped slightly, but inflation expectations remained stable.

Sector-specific performance varied, with Exxon and Chevron experiencing declines after missing earnings expectations. However, the overall recovery this week supports a buy-the-dip mentality, with uncertainty about future Fed rate cuts. Employment remains strong, with April personal spending exceeding forecasts, driving market momentum back to the upside.



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