Wall Street kicked off the week leading up to the Federal Reserve’s Jackson Hole Symposium with a positive momentum as traders anticipate reassuring signals from policymakers about the impending start of interest rate cuts, following further easing of inflation last month.
Both the S&P 500 and the Nasdaq 100 were positive by 1:30 p.m. ET, eyeing their eighth straight session in the green. All the eleven S&P 500 sectors recorded a gain, indicating widespread bullish sentiment.
With the corporate earnings season nearing its end, nearly 95% of S&P 500 companies have already reported results. According to FactSet data, 79% of these companies have delivered a positive earnings per share (EPS) surprise, while 60% have reported better-than-expected revenue. The blended year-over-year earnings growth rate for the S&P 500 stands at 10.9%, marking the strongest growth since Q4 2021.
Growing confidence that the Federal Reserve will begin its monetary easing cycle in September pushed the U.S. dollar index below the 102 level, a threshold last seen on January 2, 2024.
The weakening of the U.S. ...
