U.S. equity markets closed out Friday with the highest weekly return of 2024 following the worst loss on the year in the week prior. The rebound was supported by a recovery in AI enthusiasm that boosted tech stocks as well as the release of inflation data that reinforced expectations for the Federal Reserve to start cutting interest rates at this week’s meeting.

U.S. stock indexes posted some of the steepest weekly declines in more than a year, with the NASDAQ down nearly 6%, the S&P 500 falling more than 4%, and the Dow declining almost 3%.

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The U.S. stock market pushed higher last week and closed on a high note sparked by Federal Chair Powell's strongest signal yet that interest rate cuts are coming.

U.S. equity markets rebounded sharply last week on the back of healthy labor market and retail sales data alongside falling inflation reports that put soft landing expectations back in focus for investors.