Latest Irish Life weekly markets update

Key talking points include:

• Global markets ended the week lower although the tech-heavy Nasdaq Composite advanced modestly and cleared the 20,000 mark for the first time supported by strong gains from Tesla (+12%) and Google parent Alphabet (+8.4%), the latter of which recorded its largest two-day gain since 2015.
• With just over two trading weeks left in 2024, the S&P 500 was on track to post back-to-back annual gains of more than 20% for the first time since 1999. As of Friday, the S&P 500's total return was almost 29% year to date; in 2023, the index finished with a more than 26% return.
• The S&P 500 fell by 0.6% in local currency terms (MTD 0.4%, YTD 28.6%) while the Euro Stoxx 50 fell by 0.6% (MTD 3.1%, YTD 12.9%). The Eurostoxx 600 fell by 0.7% (MTD 1.5%, YTD 11.6%).
• This week, focus is set to be on the Fed's meeting, its updated economic projections and guidance for the rate path in 2025 (Wednesday). Activity data including today's global PMIs, US retail sales (tomorrow) and European sentiment surveys