Afternoon Note
Rate Cut Hopes
By Charles Payne, CEO & Principal Analyst
5/6/2024 1:59 PM
The market is extending its gains from Friday, as hopes for rate cuts were reignited following Friday’s jobs reports and comments from Fed’s Williams.
FED'S WILLIAMS: EVENTUALLY THERE WILL BE RATE CUTS.
Overall, it’s going to be a busy week for Fed speakers.
The S&P is near the highs of the session, breaking above its 50-day moving average.
Consumer Staples is the worst performing sector in part due to a sizable loss in Tyson Foods (TSN) following its disappointing second quarter results.
We want to see the S&P holding its 50-day moving average.
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