A late-week rebound in stocks led to the biggest back-to-back market gains of 2024, nearly erasing the S&P 500’s earlier losses from a volatile week.

This brief period of stability contrasts with the recent turmoil in global markets, driven by concerns over the Federal Reserve’s response to weak economic data and uncertainty surrounding Japan’s policy decisions.

Despite the recovery, the S&P 500 ended its fourth consecutive losing week, the longest streak since September 2023.

Notable movements included a rise in Expedia’s stock due to strong earnings and news of further layoffs at Cisco Systems, Bloomberg has reported.

Treasury 10-year yields fell to 3.94%, with traders adjusting their expectations for Federal Reserve rate cuts, now anticipating about 100 basis points of easing by year-end.

Written by B.C. Begley