Market Recap (6/16/24)

Written By Jayden Kahn

Market Recap of the Week of Jun 10, 2024 - Jun 14, 2024

Source: Apple Stocks Application

Overall Market Trends:

Last week, various sectors in the stock market faced different results. The technology-driven NASDAQ Composite and S&P 500 both finished the week positive, rising 592 points (+3.46%) and 96 points (+1.80%), respectively. On the other hand, the New York Stock Exchange Composite (NYSE) and the Dow Jones Industrial Average both finished the week negative, falling 108 points (-0.61%) and 122 points (-0.31%), respectively.

Investors spent Monday and Tuesday preparing for the results of the June Federal Reserve policy meeting. Despite Apple soaring 7%, the Dow Jones and NYSE both fell on Tuesday while the NASDAQ and S&P 500 reached new highs. Investors priced in an anticipated hawkish message from the Fed.

While no rate change was expected, the Fed noted that inflation had made “modest” progress towards their goal of a 2% inflation rate. Furthermore, the Central Bank now only expects one rate cut by the end of this year, as opposed to the three that were projected at the beginning of 2024. Additionally, the Consumer Price Index (CPI) came in unchanged for May, lower than the 0.1% increase that was expected, which caused markets to surge on Wednesday morning.

The release of the Producer-Price Index (PPI) on Thursday, another essential measure for inflation, propelled the NASDAQ Composite and S&P 500 to new highs for the fourth straight day in a row. The Dow had estimated a 0.1% increase in May for the PPI. However, results were far less than expected as the PPI decreased by 0.2% pointing toward decreased inflation. Despite these good results, the Dow Jones and the NYSE both faltered.

The market trended down on Friday, with the NASDAQ Composite coming out as the only winner after the University of Michigan released a Consumer Survey stating that consumer sentiment had fallen 3.5 points. This was even more significant considering the Dow had forecasted a 2.4-point increase.

Past Earnings Report:

Looking Towards the Future

Upcoming Important Economic Events:

  • Monday: Empire State manufacturing survey

  • Tuesday: U.S. retail sales; Industrial production; Capacity utilization; Business inventories

  • Wednesday: Market Closed for Juneteenth Holiday

  • Thursday: Initial jobless claims

  • Friday: S&P flash U.S. services PMI; S&P flash U.S. manufacturing PMI

Future Earnings Reports:

Jayden Kahn
Previous

Market Recap (6/23/24)
Next

Market Recap (6/9/24)