CNBC Markets Now: May 9, 2024
Stocks continue to levitate in the absence of major macroeconomic news, as investors hoping to get a deeper dip in the indexes to buy seemingly get tired of waiting. The S&P 500 index gained half a percent on Thursday. It is now up 1.7% for the week and sets just 1% from completing a round trip to record highs that included a brief 5 1/2% pullback in April. Industrial and bank stocks remain standouts of this latest rally phase, with technology surrendering its leadership status. A sign of healthy rotation and a helpful decline in Treasury yields over the past week. The rhythm of this rebound are favorable for sure, where the majority of stocks participating in the gains. Though hints of consumer fatigue and some softer job market readings under score the fact that it’s a delegate balance between a benign deceleration in the economy and a bumpier ride. With your CNBC Markets Now update, I’m Mike Santoli.