"The underlying numbers in the report today show that the Fed can probably feel comfortable with maybe one more rate hike, and then pausing."
Or, at least those concerns were true until Friday's explosive rally, when more than six New York Stock Exchange issues rose for every one that fell, and all 11 sectors in the S & P 500 gained.
Friday's advance carried the S & P 500 to its highest since Aug. 18, 2022, when the benchmark closed at 4,283.74.
Another favorable straw in the wind may simply be the fact that the 11.2% rally in the S & P 500, just since the mid-March lows accompanying the failure of Silicon Valley Bank, is so hated and mistrusted.
Week-ahead calendar Monday 9:45 a.m.: S & P Global Services PMI (May) 10 a.m.: Durable goods and factory orders (April) 10 a.m.: ISM services PMI (May) Tuesday Earnings: J.M.
Persons:
Megan Horneman, Canaccord Genuity, JC O'Hara, Roth MKM, Ross Mayfield, Baird, Savita Subramanian, Subramanian, Brown, Forman, — CNBC's Alexander Harring, Fred Imbert, Michael Bloom
Organizations:
Federal Reserve, Verdence Capital Advisors, Nvidia, New York Stock Exchange, Silicon Valley Bank, Bank of America, P Global Services PMI, PMI, Growers, Ciena, GameStop
Locations:
Broad, 2H23, Silicon