FINANCIAL STOCK MARKET  WEEK "The market closed last week higher" Market Week: May 13, 2024 

The Markets (as of market close May 10, 2024)

The market closed last week higher. Investor sentiment was bolstered by good corporate earnings results from key megacaps.  Of the 459 companies of the S&P 500 that have reported earnings, 77% beat consensus predictions.  The Dow rode an eight-session winning streak, while the S&P 500 approached a record high.  Among the market sectors, only consumer discretionary closed the week in the red. Utilities advanced 4.0% to lead the sectors, while financials, materials, consumer staples, communications services, and industrials outperformed.  Treasury yields ended the week where they began. Crude oil prices advanced marginally.  Gold prices jumped higher.

Stocks extended their rally from the previous week as each of the benchmark indexes listed here posted solid gains last Monday.  The Russell 2000 and the Nasdaq gained 1.2%, the S&P 500 climbed 1.0%, the Global Dow added 0.6%, and the Dow gained 0.5%.  While stocks advanced, bond yields tumbled with 10-year Treasury yields dipping to 4.48%. Crude oil prices rose for the first time in several sessions, closing at $78.68 per barrel, up $0.57.  The dollar was flat, while gold prices rose 1.1%.

Last Tuesday saw stocks inch higher, but enough to extend the Dow's winning streak to five sessions and the S&P 500's streak to four straight days.  The Global Dow rose 0.4% and the Russell 2000 gained 0.2% to lead the benchmark indexes. The Nasdaq edged lower by 0.1%.  Ten-year Treasury yields dipped 2.6 basis points to 4.65%. Crude oil prices changed little from the day before, closing at about $78.55 per barrel.  The dollar rose 0.3%, while gold prices fell 0.3%.

The Dow extended its winning streak to six straight sessions last Wednesday after gaining 0.4%.  However, the remaining benchmark indexes listed here were either flat (S&P 500) or closed in the red.  The Russell 2000 fell 0.5%, the Nasdaq dropped 0.2%, and the Global Dow declined 0.1%.  Yields on 10-year Treasuries rose 2.9 basis points to 4.49%. Crude oil prices climbed to $79.21 per barrel.  The dollar inched up 0.1%, while gold prices fell 0.3%.

Each of the benchmark indexes listed here gained ground last Thursday, with the Dow extending its winning streak to seven consecutive sessions.  The Russell 2000 and the Dow led the way, gaining 0.9%, followed by the S&P 500 and the Global Dow, which added 0.5%.  The Nasdaq rose 0.3%.  Ten-year Treasury yields fell 4.3 basis points to 4.44%.  Crude oil prices continued to advance this week, gaining $0.58 to $79.57 per barrel.  The dollar slipped 0.3%, while gold prices rose 1.3%.  Weekly jobless claims rose more than expected (see below), offering more hope for an interest rate cut.

Stocks were mixed last Friday, with the Global Dow (0.4%), the Dow (0.3%), and the S&P 500 (0.2%) advancing, while the Russell 2000 (-0.7%) declined, and the Nasdaq ended the day marginally lower.  Yields on 10-year Treasuries rose 5.5 basis points to 4.50%. Crude oil prices fell $0.92 per barrel.  The dollar inched up, while gold prices finished the week on a strong note after gaining 1.3%.

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Wendy Nelson, CEO of Wind River Wealth Advisors, aims to provide beneficial investment management, retirement planning, financial planning, asset management, and portfolio management to protect your money with knowledgeable strategies and plans by utilizing a personal independent financial advisor.