The stock market had a mixed week, with Friday’s rally not enough to prevent the S&P 500 from experiencing its fourth straight week of losses. The index fell 2.3% for the week and is still off 8.2% since peaking on February 19. However, investors were encouraged by gold prices surging above $3,000 per ounce and interest rates falling.
The Nasdaq Composite Index also fell for a fourth consecutive week, down 12.1% from its 52-week high, while the Dow Jones Industrial Average fell 3.1% on the week. Tesla’s shares rose 3.8% in Friday’s rally but were down nearly 5% on the week.
Analysts point to several roadblocks ahead, including weakening consumer spending, a federal reserve meeting next week, and Nvidia’s big conference this week. The Trump administration’s vow to impose reciprocal tariffs on April 2 has also caused uncertainty among investors.
“We need to see some clarity on these issues before we can start thinking the market is bottoming,” said John Canavan, lead U.S. analyst at Oxford Economics. Ed Yardeni, a renowned market analyst, cut his target for the S&P 500 to 6,400 due to concerns over tariffs and economic uncertainty.
The market’s rebound on Friday may not signal a full recovery, as relative strength indexes are still above the oversold threshold. The Dow Jones Industrial Average is expected to hold rates steady at its next meeting, which could add to market volatility. With several uncertainties facing investors, it remains to be seen whether the market can recover from its recent losses.
Source: https://www.thestreet.com/investing/stocks/after-markets-friday-rally-is-a-bottom-here