US Stock Market Recap (14th June, 2024)
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The US stock market closed the week on a mixed note. The S&P 500’s four-day record-setting run ended with a slight decline, while the Dow Jones shed 57 points. The Nasdaq, however, defied the trend, adding 0.1% to extend its record close streak to five days.
Investor sentiment took a hit from a drop in consumer confidence, as reflected by the Michigan index, and rising expectations of long-term inflation. Most sectors finished lower, with the exception of technology and communication services which eked out modest gains.
News from individual companies painted a contrasting picture. Luxury retailer RH tumbled 17.2% after revealing a much larger-than-anticipated first-quarter loss. Stellantis, the automaker, fell 4.2% after its CEO acknowledged “arrogant” mistakes in the US market that led to sales declines and inventory woes.
However, there were bright spots as well. Adobe soared 14.5% after raising its full-year guidance, and Broadcom capped off its best week ever with a 23% jump fueled by strong guidance.
Looking at the weekly performance, the S&P 500 rose 1.8%, the Nasdaq gained 3.6%, while the Dow Jones dipped 0.6%.