US Stock Market Recap (17th June, 2024)
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The stock market ripped on Monday, with the S&P 500 notching its 30th record close for the year after a 0.7% climb. The Nasdaq wasn’t to be outdone, extending its winning streak to an impressive six days with a 0.9% gain, also sealing a new record high. The Dow Jones joined the party, adding a hefty 189 points to its total.
Tech stocks spearheaded the surge, defying an uptick in Treasury yields. Investor focus remained glued to upcoming economic data releases like retail sales, industrial production, and S&P Global PMI figures, all crucial for gauging economic health and potentially offering hints about the Federal Reserve’s next move on interest rates.
The week promises further insights with scheduled speeches by several Fed officials. Earlier data, the NY Empire State Manufacturing Index, surpassed expectations but still hinted at a contraction in manufacturing activity.
Among industry giants, Apple and Microsoft saw their shares climb 2% and 1.3% respectively, while Tesla rocketed 5.3%. Nvidia, however, bucked the trend, dipping 0.6% on reports suggesting a potential decrease in its weighting within a major tech ETF.