Shares of one of the most desired luxury car brands in the world Ferrari (NYSE: RACE) rallied more than 12% to hit a record high of $391. Why did the Ferrari share price bounce 13% on Thursday?
This week will be extremely busy as we have an FOMC and BOE decision. On the economic front, we get the most significant reading of the health of the US jobs market and inflation data from the eurozone and Germany.
The U.S. stock market closed higher on Friday, winning back almost all the losses it suffered earlier in the week driven by the continued growth in chip and large-cap stocks. Taiwan Semiconductor Manufacturing's optimistic outlook for capital spending and revenue fuels hopes for a broader tech recovery in 2024.
The US stock market ended last week on a bullish note boosted by a rally in chip stocks and mega-caps. Attention this week will be on planned central bank meetings. The most important thing to focus on this week is undoubtedly the announcement of Friday’s US PCE inflation data.
The week has started off fairly quietly in terms of price action as the equity and bond markets closed Monday in the United States for the Martin Luther King Jr. Day holiday. Moving ahead, the key events to focus the US retail sales report and the series of inflation data from the UK, Eurozone, Germany and Canada.