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Strong Quarterly Earnings Fuel Market Optimism Despite Inflation Concerns, Slowing Economic Growth: This Week In The Market
After four consecutive weeks of declines, tech stocks — as tracked by the Invesco QQQ Trust (NASDAQ:QQQ) — experienced their best week in 2024.
The stocks were buoyed by reduced geopolitical tensions in the Middle East and robust corporate earnings, even as persistent inflation signaled the need for caution.
U.S. economic growth slowed in the first quarter, with key inflation metrics monitored by the Federal Reserve rising unexpectedly, delaying discussions on interest rate cuts.
Tesla Inc. had its strongest week since January 2023, despite recent earnings and revenue misses, driven by optimism over its future cheaper models and Robotaxi initiatives.
Energy stocks, this year's best performers, faltered following weaker-than-expected earnings Friday from Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX).
Chart Of The Day: Tech Stocks Record Best Week Of ...