US Stock Market Recap (21st June, 2024)
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Major US stock indexes ended Friday with a mixed bag of results, lingering close to record highs. The S&P 500 and Nasdaq-100 dipped slightly by a fraction of a percent, while the Dow Jones Industrial Average eked out a small gain.
This uneven performance reflected investors grappling with conflicting data points – positive PMI readings suggesting a robust economy versus earlier indicators hinting at a slowdown.
Fresh data released during trading, the S&P Purchasing Managers Indexes (PMIs), surprised analysts with their strength, potentially casting doubt on the recent narrative of a weakening economy fueled by softer data on unemployment claims, housing starts, and retail sales.
However, the technology sector weighed heavily on the overall market. Companies like Nvidia continued their decline for a second day, dragging down other chipmakers and tech giants like Apple. Concerns about Apple withholding AI software upgrades due to European Union regulations added to the tech sector’s woes.
Despite the tech slump, some sectors managed to shine. Consumer discretionary stocks led the gainers, with Amazon experiencing a significant surge. The communication services sector also saw positive movement, bolstered by a rise in Alphabet, Google’s parent company.
Looking at the week as a whole, the S&P 500 managed a modest gain, while the Nasdaq-100 barely budged. The Dow Jones Industrial Average, however, emerged as the strongest performer with a weekly increase that marked its best showing since May.
