Market Update: S&P 500 Notches Third Straight Week of Gains, Erases April Losses

The benchmark S&P 500 notched a third straight week of gains, erasing nearly all of its April losses and coming within 0.6% of its record closing high. This week’s advance was fueled by an uptick in Federal Reserve interest rate cut expectations, driven by signs of a cooling U.S. labor market and dovish actions from European central banks. The first-quarter earnings season saw Walt Disney deliver a surprise profit in its streaming operation for the first time ever.

However, Boeing faced setbacks as its first crewed Starliner mission was delayed due to a faulty valve, with plans to reattempt the launch in May. The company is also under scrutiny for its 787 Dreamliner inspections. Disney recorded its worst session in 18 months after reporting a profit for its streaming division, sparking concerns about a potential Q3 loss.

In global news, Sweden joined other European countries in easing monetary policy, highlighting central bank divergence worldwide. TikTok and its parent company, ByteDance, sued the U.S. government to block a new law that would force the sale of the app, citing violations of free speech rights. The streaming landscape is evolving with Disney and Warner Bros. Discovery unveiling a new streaming bundle, while also preparing to launch a joint sports-streaming service.

Overall, the week was marked by market gains, corporate challenges, regulatory probes, and shifting dynamics in the tech and entertainment sectors. Stay tuned for more updates on these developments and their impact on the financial markets.