All three of the top stock market indices closed high on Friday and are just now opening. The Dow Jones is up 0.4%, with the S&P 500 doing even better with an increase of 1.02%. The Nasdaq Composite tops them all, though with a gain of 2.03%.
The Nasdaq numbers are being driven mostly by major gains in the biotechnology and pharmaceutical stocks. Biodexa Pharmaceuticals rose 79%, and ImmunityBio rose 43%.
This week promises to be much quieter for the market than last week, with far fewer earnings reports coming out. Most of the major stock quarterly reports were released over the previous week, causing massive market fluctuations.
The overall market sentiment is high at the moment, but that could change if the focus goes back on high inflation rates. Recent inflation data was not promising, as it exposed overspending practices among consumers and personal savings dropping dramatically.
What Is Coming for the Market?
All of those earnings reports that came out last week are going to keep moving the stocks market as they are analyzed and overanalyzed. The inflation data from last week will continue to have an impact as well.
But the big news to impact the market this week is the Nonfarm Payrolls data. Those numbers will be released on Friday, and the market is most likely to move in anticipation of those numbers on Thursday and then react quickly and sharply on Friday after the report comes out.
Expect a dip in the market leading up to the NFP report, since the expectation is that inflation data will continue to be poor for the foreseeable future, and the Federal Reserve will continue to hold off on interest rate cuts until the inflation rate improves.
Paramount Global may be making waves with a major move today, however, possibly removing their CEO, which could get the PARA stock moving.
