#WallStreet #EconomicData #StockMarketTrends
Stock Market Continues Upward Trend Ahead of Key Economic Data
As I reflect on Monday's trading session, I am struck by the resilience of Wall Street's winning streak. S&P 500 futures barely budged, while Nasdaq 100 futures dipped slightly. The Dow Jones Industrial Average futures, however, registered a more substantial increase of 0.15%. This follows a robust trading session where the S&P 500 surged by almost 0.8%, the Nasdaq Composite recorded a gain of nearly 1%, and the Dow Jones Industrial Average advanced about 0.5%. All three indexes reached new all-time highs during the session and closed at records.
Sam Stovall, CFRA Research's chief investment strategist, aptly captured the investor sentiment: "I'm riding the trend until it ends. I don't see anything at present that will halt this upward trend." This optimism is fueled by the outperformance of technology stocks, which led the charge. Broadcom surged more than 5%, while $AAPL gained around 2%. $NVIDIA touched an all-time intraday high, driven by State Street's prediction that the chipmaker would likely secure a weighting of over 20% in the rebalancing of its popular tech-focused exchange-traded fund. Despite a 0.7% loss at the end of the day, shares are still up by an impressive 165% year-to-date.
Looking forward, investors will keenly monitor retail sales data for May, due for release on Tuesday morning, for clues about the consumer's health. Economists anticipate a growth rate of 0.2% compared to April. Additionally, other economic reports on industrial production and business inventories are anticipated in the morning. Several Federal Reserve officials, including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, are scheduled to speak at various events across the country throughout the day.
Original Article: https://www.cnbc.com/2024/06/17/stock-market-today-live-updates.html
Leave a Reply