QUESTION:
Give me a comprehensive US market update for this week.
RESPONSE:
This week in the U.S. stock market has been marked by a series of record-breaking performances and a holiday-shortened trading schedule due to the Juneteenth holiday on Wednesday. Here’s a comprehensive update:
1. Record Closes: Both the S&P 500 and the Nasdaq Composite reached new record highs. The S&P 500 climbed to a record close of 5,487.03 on Tuesday, marking a 0.25% increase. Similarly, the Nasdaq Composite inched up by 0.03% to end at 17,862.23 on the same day[1][2][3][4].
2. Market Performance: The market’s momentum has been a point of interest at the start of the week. On Monday, the S&P 500 rose to a record close, and the Dow Jones Industrial Average snapped a four-day losing streak[5]. However, U.S. stock indexes were little changed in midday trading on Tuesday, with the Nasdaq Composite nearly breaking its six-session winning streak after retail sales data indicated cautious consumer spending[6].
3. Holiday Impact: The U.S. markets were closed on Wednesday in observance of the Juneteenth holiday, affecting the trading schedule[7][8][9][10][11][12][13].
4. Economic Indicators: This week has been light on top-tier economic reports, with significant updates including Tuesday’s retail sales data and a preliminary look at U.S. business activity scheduled for Friday[14][15]. The retail sales data suggested that consumers have been cautious amid high inflation and elevated interest rates[16].
5. Sector Highlights: A rally in chip makers, particularly Nvidia, which overtook Microsoft as the largest U.S. company by market cap, significantly influenced the stock market’s performance[17][18][19][20].
6. Interest Rates and Treasury Yields: The Federal Reserve held steady on its key interest rate last week, with expectations of just one rate cut by the end of the year[21]. Treasury yields have seen some fluctuations, with traders assessing the timeline for interest rate cuts[22].
7. Global Context: Asian shares mostly gained following the rally on Wall Street, reflecting the interconnected nature of global financial markets[23][24].
This week’s market activities reflect a mix of cautious optimism with record highs and concerns over consumer spending and economic indicators. The holiday mid-week also provided a pause in trading, which could influence market dynamics in the short term.
References
[1] S&P 500 climbs to another record close Tuesday as Nvidia’s market cap tops Microsoft [NBC News]
The broad market index added 0.25% to close at 5,487.03, while the Nasdaq Composite inched up 0.03% to end at 17,862.23. https://www.nbcnews.com/business/markets/sp-500-climbs-another-record-close-nvidia-market-cap-tops-microsoft-rcna157820
[2] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
U.S. stocks were little changed in the final hour of trading on Tuesday afternoon as a rally in chip makers pushed stocks toward another round of record closes. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[3] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
The U.S. bond market will also be closed on Wednesday, according to the Securities Industry and Financial Markets Association. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[4] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
U.S. stock indexes were little changed in midday trading on Tuesday with the Nasdaq Composite threatening to snap its six-session winning streak after May retail sales data showed consumers have been more cautious about spending amid elevated inflation and high interest rates. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[5] S&P 500 rises to record close on Monday, Dow snaps four-day losing streak [NBC News]
Entering the new week, investors wondered if the market could sustain its current momentum. https://www.nbcnews.com/business/markets/sp-500-rises-record-close-monday-dow-snaps-four-day-losing-streak-rcna157616
[6] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
U.S. stock indexes were little changed in midday trading on Tuesday with the Nasdaq Composite threatening to snap its six-session winning streak after May retail sales data showed consumers have been more cautious about spending amid elevated inflation and high interest rates. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[7] What’s open and closed on Juneteenth 2024 [CNN]
Markets will be closed, and Nasdaq and the New York Stock Exchange will not be trading on Wednesday. https://us.cnn.com/2024/06/19/business/juneteenth-open-closed/index.html?utm_source=business_ribbon
[8] 5 things to know before the stock market opens Monday [CNBC]
This will be a shortened trading week as the markets close for the Juneteenth holiday on Wednesday. https://www.cnbc.com/2024/06/17/5-things-to-know-before-the-stock-market-opens-monday-june-17.html
[9] Stock market today: Asian shares mostly gain after Wall St rallies to new records
U.S. markets will be closed Wednesday for the Juneteenth holiday.
[10] Treasury yields retreat as weak retail sales raise concerns about consumer [CNBC]
It is a short week in the U.S., with markets closed on Wednesday for the Juneteenth holiday. https://www.cnbc.com/2024/06/18/treasury-yields-rise-ahead-of-may-retail-sales-data.html
[11] Treasury yields tick higher as traders assess timeline of interest rate cuts [CNBC]
It’s a short week in the U.S., with markets closed on Wednesday for the Juneteenth holiday. https://www.cnbc.com/2024/06/17/us-treasury-bond-yields-traders-asses-timeline-of-interest-rate-cuts.html
[12] Stock market today: Global stocks are mixed after Wall Street edges to more records
U.S. markets are closed on Wednesday in observance of Juneteenth.
[13] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
The U.S. bond market will also be closed on Wednesday, according to the Securities Industry and Financial Markets Association. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[14] Stock market today: World shares mostly gain after Wall St rallies to new records
This week has few top-tier economic reports apart from an update Tuesday on how much American shoppers are spending at U.S. retailers and a preliminary look Friday at the state of U.S. business activity.
[15] Stock market today: Wall Street rises toward more records
This upcoming week has few top-tier economic reports for the United States, outside of Tuesday’s update on how much customers are spending at U.S. retailers and Friday’s preliminary look at the state of U.S. business activity.
[16] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
U.S. stock indexes were little changed in midday trading on Tuesday with the Nasdaq Composite threatening to snap its six-session winning streak after May retail sales data showed consumers have been more cautious about spending amid elevated inflation and high interest rates. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[17] S&P 500 climbs to another record close Tuesday as Nvidia’s market cap tops Microsoft [NBC News]
The broad market index added 0.25% to close at 5,487.03, while the Nasdaq Composite inched up 0.03% to end at 17,862.23. https://www.nbcnews.com/business/markets/sp-500-climbs-another-record-close-nvidia-market-cap-tops-microsoft-rcna157820
[18] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
U.S. stocks were little changed in the final hour of trading on Tuesday afternoon as a rally in chip makers pushed stocks toward another round of record closes. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[19] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
The U.S. bond market will also be closed on Wednesday, according to the Securities Industry and Financial Markets Association. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[20] Stock Market Today: S&P 500, Nasdaq end at fresh records; Nvidia overtakes Microsoft as the largest U.S company [MarketWatch]
U.S. stock indexes were little changed in midday trading on Tuesday with the Nasdaq Composite threatening to snap its six-session winning streak after May retail sales data showed consumers have been more cautious about spending amid elevated inflation and high interest rates. https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-steady-ahead-of-retail-sales-data
[21] Fitch pushes back China rate cut expectations to next year as Fed holds interest rates steady [CNBC]
The Fed last week held steady on its key interest rate and indicated just one cut by the end of the year. https://www.cnbc.com/2024/06/19/fitch-pushes-back-china-rate-cut-as-fed-holds-interest-rates-steady.html
[22] Treasury yields tick higher as traders assess timeline of interest rate cuts [CNBC]
It’s a short week in the U.S., with markets closed on Wednesday for the Juneteenth holiday. https://www.cnbc.com/2024/06/17/us-treasury-bond-yields-traders-asses-timeline-of-interest-rate-cuts.html
[23] Stock market today: Asian shares mostly gain after Wall St rallies to new records
U.S. markets will be closed Wednesday for the Juneteenth holiday.
[24] Stock market today: World shares mostly gain after Wall St rallies to new records
This week has few top-tier economic reports apart from an update Tuesday on how much American shoppers are spending at U.S. retailers and a preliminary look Friday at the state of U.S. business activity.
