US stock markets closed the week higher; Merval shares rise more than 7% to…

Good evening! OsoToro provides you with a daily summary of the markets’ closing

🇺🇸 On the streets of Wall Street:

US stock markets saw small moves on Friday, but were still closed in positive territory driven by bets that the Federal Reserve will end its interest rate hike cycle to avoid an economic recession.

In today’s highlights, the S&P 500 traded above the 4,500 level today, posting its third straight week of gains, the longest streak since July. While the dollar erased its advance in 2023 after recording its worst week in four months amid speculation that the currency has already reached the bottom. On the other hand, oil rose but recorded its fourth consecutive weekly decline due to supply pressures.

“While the Fed is unlikely to raise interest rates, investors are getting ahead of themselves too quickly and embracing rate cuts,” said David Donabedian, US chief investment officer at CIBC Private Wealth. “Sometime in 2024, the Fed will start cutting interest rates. But we are in a waiting game.”

Investors are already preparing for Another round of earnings reports from retailers and technology companies next week.

🌎In the area:

Latin American stock markets also closed higher, with the exception of Peru’s S&P/BVL (SPBLPGPT), which was the only one to decline on Friday among its peers.

Merval Argentina (Merval) led the day’s gains after rising more than 7% after a volatile day marked by uncertainty Ahead of the presidential elections scheduled for Sunday. Despite the general rises on Friday, they were not enough to compensate for the declines of the rest of the week.

Shortly before the runoff, there are many questions being asked about the country’s immediate future. Argentina’s next president will take office amid a financial emergency, with the country expected to enter recession for the sixth time in a decade and inflation to reach 140%, according to reports.

In light of the decline in central bank reserves and the rise in the value of the peso at official exchange rates, Who wins the elections? It will likely preside over a devaluation While trying to clean up public finances. “It’s an inevitable adjustment that will cause another recession next year,” says Martin Castellano, head of Latin American studies at the Institute of International Finance.

🍝Dinner information:

Sam Altman, one of the world’s most prominent figures in artificial intelligence, is forced to leave OpenAI – the company behind ChatGPT and which he helped create – after the board said it had lost confidence in him as a leader.

“Mr. Altman’s departure follows a deliberative review process conducted by the Board, which concluded that he had not always been forthright in his communications with the Board; “This hinders their ability to carry out their responsibilities,” the company said in a statement. “The Board no longer has confidence in his ability to continue to lead OpenAI.”

OpenAI’s global introduction of ChatGPT made Altman, 38, instantly famous, earning him an audience with world leaders such as US President Joe Biden and UK Prime Minister Rishi Sunak.

➡️Sam Altman is leaving OpenAI: the board said they had lost confidence in him