Market Recap (6/23/24)
Market Recap of the Week of Jun 17, 2024 - Jun 21, 2024
Overall Market Trends:
Despite being a shortened week due to markets being closed on Wednesday for Juneteenth, the stock market trended up for most of the week with all four major indices finishing the week positive. The New York Stock Exchange Composite (NYSE) finished the week up 193 points (+1.09%), the S&P 500 rose 48 points (+0.88%), the NASDAQ Composite climbed 65 points (+0.37%), and the Dow Jones Industrial Average posted weekly gains of 557 points (+1.71%). The market was majorly swayed by the momentum of the magnificent 7 and technological semiconductor companies.
During Monday’s trading session, stocks soared. This was a continuation of last week's heightened sentiment as economic data is finally starting to shape up and come in stronger.
On Tuesday, the markets pushed higher from the continuous rise of semiconductor companies such as Nvidia, Micron Technology, and TSM. Additionally, Nvidia surpassed Microsoft in market cap, officially becoming the most valuable public company in the world.
The same trend continued into Thursday’s and Friday's session. As technology stocks ticked down, so did the market and indices.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Tuesday: S&P Case-Shiller home price index
Wednesday: New home sales
Thursday: GDP (2nd revision); Durable-goods orders
Friday: PCE index; Core PCE index; Chicago Business Barometer (PMI); Consumer sentiment (final)
Future Earnings Reports: