Reserve Bank of New Zealand

Key events: USA - Washington's Birthday The S&P 500 closed just below its record high on Friday as signs of weakening consumer spending and persistent inflation concerns limited gains. The Dow Jones Industrial Average declined by 166 points, or 0.4%, while the S&P 500 edged down 0.1% to finish at 6,111.75, just short of its all-time peak of 6,118.71. The NASDAQ Composite remained largely unchanged.

Key events: USA - Michigan Consumer Sentiment (Nov) USA - S&P Global US Manufacturing PMI (Nov) USA - S&P Global Services PMI (Nov) The S&P 500 ended Thursday on a positive note, with gains driven by cyclical sectors such as financials and industrials, while technology stocks lagged behind. Alphabet (NASDAQ: GOOGL) faced a sharp decline on regulatory concerns, weighing on the tech-heavy Nasdaq, which edged up just 0.04%. The Dow Jones Industrial Average climbed 461 points, or 1.1%, while the S&P 500 rose 0.5%.

Key events: Eurozone - ECB's Schnabel Speaks Eurozone - Eurogroup Meetings Eurozone - ECB McCaul Speaks USA - FOMC Member Bostic Speaks The S&P 500 slid lower on Monday, pressured by a rise in Treasury yields after a much stronger-than-expected jobs report reduced hopes for a sizable interest rate cut by the Federal Reserve next month. The Dow Jones Industrial Average fell by 398 points, or 0.9%, while the S&P 500 and NASDAQ Composite dropped 1% and 1.2%, respectively.

Key events: USA - Independence Day Eurozone - ECB's Lane Speaks Eurozone - ECB McCaul Speaks The S&P 500 achieved another record close on Wednesday during a shortened trading session, as weaker economic data increased hopes for imminent rate cuts, just before the July 4 holiday. The S&P 500 rose 0.5% to a new closing high of 5,534.63. Meanwhile, the Dow Jones Industrial Average dipped by 24 points or 0.1%, and the NASDAQ Composite surged 0.8% to a fresh record close.

Key events: Eurozone - ECB McCaul Speaks Eurozone - ECB's Schnabel Speaks Canada - BoC Gov Macklem Speaks USA - FOMC Member Daly Speaks On Friday, US stocks experienced a mixed performance after the market closed. Gains in the Consumer Services, Telecoms, and Consumer Goods sectors propelled some shares higher, while declines in the Oil & Gas, Technology, and Utilities sectors dragged others lower.

Key events: UK - BoE Interest Rate Decision (Apr) UK - BoE Gov Bailey Speaks UK - BoE MPC Member Pill Speaks Eurozone - ECB's De Guindos Speaks USA - Initial Jobless Claims USA - FOMC Member Daly Speaks Wednesday saw the S&P 500 closing on a neutral note, with the recent market surge hitting a pause amidst the backdrop of climbing Treasury yields and a mixed bag of corporate earnings reports, dampening investor sentiment.

Key events: Eurozone - CPI (YoY) (Apr) USA - Chicago PMI (Apr) USA - CB Consumer Confidence (Apr) Monday saw a positive close for the S&P 500, buoyed by notable performances from Tesla and Apple as the quarterly earnings season continues its momentum, just on the eve of the impending Federal Reserve meeting. The S&P 500 index edged up by 0.3%, accompanied by a 0.4% rise in the NASDAQ Composite, while the Dow Jones Industrial Average climbed by 0.4%, adding 146 points to its tally.

Key events: USA - Core PCE Price Index (MoM) (Feb) USA - Core PCE Price Index (YoY) (Feb) USA - Fed Chair Powell Speaks On Thursday, both the Dow and S&P 500 surged to new record highs, marking their strongest first-quarter performance since 2009. This upward momentum extended beyond the tech sector, driven by optimism surrounding potential rate cuts and encouraging economic data suggesting a soft landing for the economy.

Key events: UK - GDP (MoM) (Jan) USA - Crude Oil Inventories USA - 30-Year Bond Auction The S&P 500 soared to a new record high on Tuesday, as US stocks shrugged off a hotter-than-anticipated inflation report, buoyed by fresh bullish sentiment in the tech sector. The benchmark S&P 500 surged by 1.1% to reach a historic high of 5,173.97, while the tech-heavy Nasdaq Composite saw a 1.5% increase, and the blue-chip Dow Jones Industrial Average surged by 235 points, marking a 0.6% jump.

Key events: Eurozone - CPI (YoY) (Feb) USA - S&P Global US Manufacturing PMI (Feb) USA -ISM Manufacturing PMI (Feb) USA -ISM Manufacturing Prices (Feb) On Thursday, the Nasdaq achieved a record high for the first time since 2021, propelled by the ongoing artificial intelligence-driven rally and optimism stemming from an inflation report that aligns with expectations for a potential summer interest rate cut.