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Stock Market Update Monday May 6, 2024

Stock Market Update Monday May 6, 2024 The S&P 500 surged 1%, bringing it within 1.5% of its record highs set in late March. 

Away From Stocks: This strong equity performance was met with muted activity in the Treasury market, where the two-year yield edged slightly higher and the long bond yield dipped modestly. Oil prices partially recovered from last week's plunge, while gold prices saw a significant jump. Market volatility remained subdued, as reflected by the flat close of the VIX index.

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Analyzing the earnings season so far, 80% of S&P 500 companies have reported their results. The majority, 81%, have surpassed analyst expectations, with a median beat of 7%. Conversely, the 19% that missed expectations did so by a median of -5%. This positive trend extends to top-line revenue, where 61% of companies have exceeded forecasts, with a median beat of 4%. While there are some misses (19% with a median of -4%), the overall picture paints a positive performance for most companies in the S&P 500.

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