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Stock Market Enters Last Week of June Near Record Highs
As the market prepares to close out the last week of June and the first half of 2024, stock futures remain stable. Futures for the $DOW and $S&P500 showed minimal movement, while $Nasdaq100 futures saw a slight increase of 0.2%. This stability follows a week where the $S&P500 reached a new intraday high of 5,505.53 and concluded with a 0.6% gain, marking its eighth positive week out of nine.
However, concerns about potential exhaustion have surfaced, particularly with the consecutive decline in market heavyweight $Nvidia's stock. $Nvidia, a prominent chipmaker, saw a 4% drop last week following two successive declines of over 3%. Analysts noted bearish patterns in $Nvidia's recent trading, expressing caution about the rapid and significant price movement of the stock.
Katie Nixon, Chief Investment Officer at Northern Trust Wealth Management, commented on $Nvidia's performance, highlighting the need for vigilance given the rapid ascent of the AI giant's stock. Despite these developments, the market has been buoyed this year by the fervor surrounding artificial intelligence, even amidst uncertainties related to interest rate adjustments and economic slowdown. The $S&P500 has surged nearly 15% this year, achieving 31 record closes.
Investors are eagerly awaiting the release of May's personal consumption expenditure data, a key inflation metric favored by the Federal Reserve, scheduled for Friday morning. Additionally, this week will see the earnings reports of several significant companies including $FedEx, $Micron, $Walgreens Boots Alliance, and $Nike.
The $S&P500 has gone 377 days without a 2.05% decline, marking the longest streak since the financial crisis, based on data from FactSet compiled by CNBC. During this period, the index has not experienced a gain of at least 2.15%.
Original Article: https://www.cnbc.com/2024/06/23/stock-market-today-live-updates.html
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