FINANCIAL STOCK MARKET  WEEK "the S&P 500 higher last week" Market Week: May 27, 2024 

The Markets (as of market close May 24, 2024)

Tech shares, particularly AI stocks, helped push the Nasdaq, and to a much lesser extent, the S&P 500 higher last week.  The Dow, the Russell 2000, and the Global Dow declined.  During a week when volume was relatively light, investors latched onto favorable corporate earnings data from some major tech and AI companies. Among the market sectors, only information technology and communication services closed higher.  Real estate and energy fell the furthest. Treasury yields inched higher, while crude oil prices fell 2.74%, yet remain up 9.1% year to date. Gold prices, which had been soaring, had their worst week in a while, although they are up nearly 13.0% from the beginning of the year.

Wall Street kicked off last week on a high note, with the Nasdaq securing a new record high. Each of the benchmark indexes listed here gained ground by the close of trading, with the exception of the Dow, which lost 0.5%. Technology led the market sectors, while consumer discretionary and energy fell the most.  Ten-year Treasury yields inched up 1.7 basis points to close at 4.43%.  Crude oil prices fell $0.35 to settle at about $79.71 per barrel.  The dollar and gold prices advanced.

Stocks ended last Tuesday with mixed results.  The Russell 2000 fell 0.2%, while the Global Dow was flat.  However, the S&P 500 gained 0.3%, and both the Nasdaq and the Dow advanced 0.2%.  The S&P 500 and the Nasdaq reached new record highs, while the Dow finished near its record level.  Investors saw favorable earnings data from several retailers, while trying to gauge when the Fed might begin cutting interest rates.  Yields on 10-year Treasuries dipped to 4.41%.  Crude oil prices slid $0.75 to $79.08 per barrel.  The dollar gained about 0.1%, while gold prices fell 0.5%.

The benchmark indexes listed here fell back last Wednesday.  Investors awaited earnings data from a major AI company, while digesting the minutes from the last Federal Reserve meeting, in which some officials indicated a willingness to hike rates if necessary. The Russell 2000 fell the furthest (-0.8%), followed by the Dow and the Global Dow (-0.5%), the S&P 500 (-0.3%), and the Nasdaq (-0.2%). Ten-year Treasury yields rose 2.0 basis points to close at 4.43%.  Crude oil prices declined for the third straight session after falling $1.32 to $77.34 per barrel.  The dollar rose 0.3%, while gold prices dipped 1.8%.

The markets closed lower last Thursday as rising bond yields weighed on stocks.  Once again, the Russell 2000 led the declines after falling 1.6%. The Dow lost 1.5%, the S&P 500 and the Global Dow dipped 0.7%, while the Nasdaq decreased 0.4%. Ten-year Treasury yields climbed to 4.47% after adding 4.1 basis points. Crude oil prices fell for the fourth straight day, losing $0.70 to settle at $76.87 per barrel. The dollar inched up 0.1%, while gold prices fell 2.5%.

Stocks closed higher ahead of the Memorial Day weekend.  The Nasdaq (1.1%) reached a record high as AI stocks rallied. The Russell 2000 rose 1.0%, followed by the S&P 500 (0.7%), and the Global Dow (0.2%).  The Dow ticked up less than 0.1%. Yields on 10-year Treasuries dipped to 4.46%.  Crude oil prices rose for the first time in a week, gaining $0.91 to settle at $77.78 per barrel.  The dollar and gold prices declined.

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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.