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Today's market
April 26, 2024 at 5:30 p.m. EDT
Michael P. Reinking, CFA
Sr. Market Strategist
Last week was the worst week for US equity markets in just over a year, leaving the S&P 500 with streaks of six consecutive negative sessions and three consecutive down weeks. As we had highlighted, much of that weakness seemed to be driven by portfolio risk reduction as volatility had picked across asset classes with options expiration likely exacerbating some of the move. This left equities ripe for an oversold bounce and that is exactly what we got this week with markets reversing almost all of last week’s losses. The S&P 500 ended the week up 2.7% its best week since the week that straddled October/November last year, which kickstarted the rally seen over the previous five months.
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