Market Recap (5/26/24)
Market Recap of the Week of May 20, 2024 - May 24, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the majority of the stock market fell consistently throughout the week. The sole index that finished the week positive was the NASDAQ Composite which rose 175 points (+1.04%). On the other hand, the New York Stock Exchange Composite fell 254 points (-1.38%), the S&P 500 finished the week down 5 points (-0.09%), and the Dow Jones Industrial Average posted weekly losses of 881 points (-2.20%).
On Monday, JP Morgan CEO Jamie Diamond indicated that his retirement may come sooner than expected and that the company does not intend to buy back shares which caused shares to fall 4.5%. This caused indices to fall. However, the NASDAQ Composite rose on Monday due to Nvidia's gains.
Indices closed slightly higher on Tuesday as investors looked forward to Nvidia’s earnings report which was set to release after the market closed on Wednesday.
Stocks fell Wednesday as the Fed released the minutes from their May 1st policy meeting which displayed the Fed’s concerns regarding the stagnant inflation. Many investors have grown worried that a rate cut may be out of the picture for now.
After market close on Wednesday, tech-giant Nvidia released yet-again strong earnings and also announced a 10-1 stock split which pushed the company up 9.3% during Thursday’s trading session. While this caused the NASDAQ Composite to surge, the other major indices fell sharply with the Dow Jones Industrial Average falling 1.53% on the day. This was due to Boeing falling over 7%.
Stocks continued to push higher Friday as Nvidia enthusiasm outweighed economic concerns. Additionally, many firms, particularly Goldman Sachs, adjusted their expectations for a rate cut from July to September. However, futures has priced in less than a 50% chance of a rate cut in September.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Markets Closed for Memorial Day
Tuesday: S&P Case-Shiller Home Price Index; Consumer confidence
Wednesday: Fed Beige Book
Thursday: GDP (first revision)
Friday: PCE Index; Core PCE Index; Chicago Business Barometer (PMI)
Future Earnings Reports: