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This paper explores macroeconomic factors and their effect on the stock market. Our analysis covers the stock market indices, the Dow Jones, the S&P 500, and the NASDAQ, over the period of 10 years starting in 2011 and ending in 2021, compared against macroeconomic factors, such as gross domestic product, effective funds rate, oil prices, money supply, consumer price index, unemployment rate, and producer price index. In our analysis, NASDAQ is the best indicator to predict macroeconomic factors.
Lin et al. (Tue,) studied this question.