Market Summary 8th May 2024
Today, the stock market didn't move much, taking a break after recent gains. However, things still look good under the surface, with many stocks hitting new highs even though the main indexes didn't show much strength. The $SPDR Bloomberg High Yield Bond ETF (JNK.US)$JNK ETF, which tracks high-yield bonds, had its fifth day of gains in a row, continuing to do well after last week's Fed meeting.
Right now, we're focusing on company earnings reports instead of big-picture economic data, which is a nice change.
So far, the markets have been holding up well. If we can finish the week strong, despite some fear of missing out (FOMO), it will show that this rally is more solid than just a quick rebound from previous lows.
$Confluent (CFLT.US)$is up 12% at this moment
$Arista Networks (ANET.US)$ is up 8% at this moment
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