Market Recap (6/9/24)

Written By Jayden Kahn

Market Recap of the Week of Jun 3, 2024 - Jun 7, 2024

Source: Apple Stocks Application

Overall Market Trends:

Last week, the majority of the stock market rose consistently throughout the week. The sole index that finished the week negative was the New York Stock Exchange (NYSE) Composite which fell 93 points (-0.51%). On the other hand, the S&P 500 finished the week up 51 points (+0.97%), the Dow Jones Industrial Average posted weekly gains of 127 points (+0.33%), and the NASDAQ Composite rose 255 points (+1.51%). 

Indices slid on Monday as the ISM manufacturing index measured 48.7 for May 2024, raising concerns about the economy. Generally, anything below 50 is a sign of a contraction. Related stocks, including energy, industrials, and materials sectors, all finished down on the day. Despite this, the NASDAQ Composite and the S&P 500 finished higher as Nvidia rose roughly 5% on Monday.

A Private Payroll report from ADP on Wednesday stated that the economy added just 152,000 jobs in May, far less than the 175,000 jobs expected. This supported investors' hopes of a weak labor market which could turn the tide and give evidence for a rate cut. Furthermore, indices continued to push higher as Nvidia rose over 5% on Wednesday, resulting in a market capitalization of $3 trillion.

Stocks continued to stay relatively constant or ticked slightly higher Thursday and Friday. An economic report on Friday showed that the economy added 272,000 jobs in May, far exceeding the 190,000 estimate from the Dow. However, the unemployment rate rose to 4% which kept reactions in check.

Past Earnings Report:

Looking Towards the Future

Upcoming Important Economic Events:

  • Tuesday: NFIB Optimism Index

  • Wednesday: Consumer Price Index (CPI); Core CPI; Fed Chair Jerome Powell Press Conference

  • Thursday: Producer Price Index (PPI); Core PPI

  • Friday: Import Price Index

Future Earnings Reports:

Jayden Kahn
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