Stock Market Today: Dow, S&P 500 score record closes as U.S. stocks extend Fed rate-cut rally
History says weeks with a quiet macroeconomic calendar have seen better-than-average returns for the stock market, according to BofA Global Research.
“We are now past what was the most uncertain Fed day at least since 2015 … Absent a big surprise in PCE (on Friday), we see no major macro data releases this week that could spook the market,” a team of BofA Global strategists led by Ohsung Kwon, equity and quant strategist, said in a Monday note.
Since 2014, the large-cap S&P 500 index has risen over 0.6% during weeks with no key macroeconomic data releases, compared with an around 0.4% increase in other weeks on a median basis, Kwon and his team said.