The stock market experienced a dip on Friday due to concerns over the Federal Reserve’s potential interest rate hike at their upcoming meetings. Despite this, the week saw gains across major indices, with the Dow rising by 400 points (1.2%), the S&P 500 up by 0.8%, and the Nasdaq Composite seeing a 0.3% increase. JPMorgan Chase reported strong Q1 results, beating expectations, while Citigroup, Wells Fargo, and PNC Financial also reported positive outcomes. However, JPMorgan CEO Jamie Dimon did warn investors that they should anticipate higher interest rates than initially expected. Analysts increased their bets on a quarter-point rate hike in May, followed by another in June. Additionally, Federal Reserve Governor Christopher Waller emphasized the need for further monetary policy tightening, further impacting the market. The retail sales data experienced a greater decline than expected, signaling a weakening US economy. Despite mild recession concerns, consumer sentiment remained steady in April, according to the University of Michigan’s latest survey. OANDA’s Senior Market Analyst Edward Moya attributed the dip to the Fed’s potential to do more harm. At closing, the Dow lost 144 points (0.4%), with the S&P 500 and Nasdaq Composite also experiencing a decline of 0.2% and 0.4%, respectively. Note: closing levels may experience slight changes.
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