Market Recap (6/30/24)
Market Recap of the Week of Jun 24, 2024 - Jun 28, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the stock market started off strong but trended down as the week progressed with ¾ indices finishing the week just under even. The New York Stock Exchange Composite fell 11 points (-0.06%), the S&P 500 declined 4 points (-0.07%), and the Dow Jones posted weekly losses of 94 points (-0.24%). The sole winner was the NASDAQ Composite which rose 58 points (+0.33%).
Technology stocks fell on Monday as there was a major sell-off by investors as they pivoted from the technology sector to banks and energy sectors causing Nvidia to slide 6.7%. This further caused technology-heavy indices such as the NASDAQ Composite to fall significantly on Monday while the Dow Jones rose. In similar fashion, technology-driven indices, such as the S&P 500 and the NASDAQ Composite, rose on Tuesday as Nvidia rose 6.7%.
Amazon jumped nearly 4% on Wednesday, finally crossing the $2 trillion threshold, boosting all major indices.
On Thursday, a few companies faced severe declines after reporting disappointing earnings. Micron Technologies dropped 7%, Levi Strauss fell 15.4%, and Walgreens slid over 22%. However, markets were generally unchanged as investors braced for Friday’s economic data release.
The economic data came in very positive on Friday. The Personal Consumption Expenditures (PCE), a preferred inflation gauge, was unchanged in May while core inflation rose 0.1%, in line with expectations. Despite this positive data, markets still fell. Nike dropped more than 17% due to lower-than-expected earnings.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: S&P final U.S. manufacturing PMI
Tuesday: Job openings; Federal Reserve Chair Jerome Powell speech in Portugal
Wednesday: Initial jobless claims; S&P final U.S. services PMI; Minutes of Fed's June FOMC meeting
Friday: U.S. employment report
Future Earnings Reports: