5 Stocks That Led the SPY ETF to Log Its Best Week in 2024

Market Overview - Wall Street experienced strong weekly gains, with the S&P 500 and Nasdaq marking their best week of the year, driven by rising expectations for a significant interest rate cut by the Federal Reserve [1] - The Nasdaq rose over 5%, the S&P 500 gained 4%, and the Dow increased by 2% amid a volatile market [1] Interest Rate Expectations - Anticipation for a half-point interest rate cut by the Federal Reserve increased, with traders now assigning a 49% probability to a 50-basis point cut next week, up from 15% on September 12, 2024 [2] - Reports from Financial Times and The Wall Street Journal indicated that the Fed's decision on September 18 will be closely contested, with former New York Fed President Bill Dudley suggesting a "strong case" for a deeper rate cut [2] Treasury Yields - The yield on the benchmark 10-year Treasury fell to 3.66% on September 13, 2024, down from 3.70% on September 9, 2024, reflecting market uncertainty regarding the Fed's rate cut decision [3] Winning Stocks of the Week - Broadcom (AVGO): Stock rose 20.8% last week; the company is a global supplier of semiconductor devices, focusing on complex digital and mixed signal CMOS-based devices [3][4] - Warner Bros. Discovery (WBD): Stock increased by 17.1% last week; the company is a global media and entertainment entity that recently announced a deal with Charter Communications to include its Max streaming service in standard cable packages [4] - Super Micro Computer (SMCI): Stock rose 16.4% last week; the company designs and manufactures energy-efficient server solutions [5] - Vistra (VST): Stock increased by 14.2% last week; the energy company announced a license extension for one of its plants, contributing to its stock surge [5] - AES Corp (AES): Stock rose 14.2% last week; the global power company has a strong earnings surprise average of 19.18% over the past four quarters [6]