FINANCIAL STOCK MARKET  WEEK "Equities generally closed lower" Market Week: June 3, 2024 

The Markets (as of market close May 31, 2024)

Equities generally closed lower by the end of the week with the Nasdaq and the Dow falling furthest among the benchmark indexes listed here.  The Russell 2000 and the Global Dow were flat.  Investors spent the week assessing the first-quarter gross domestic product, jobless claims, and corporate earnings data.  Ten-year Treasury yields rose as bond prices dipped, on hawkish comments from Federal Reserve officials and a weaker Treasury auction.  Crude oil prices dipped and prices at the pump dipped lower.  Utilities led the market sectors, with energy and real estate outperforming. Health care, industrials, and information technology closed in the red.

Stocks opened mixed to begin the holiday-shortened week.  The Nasdaq reached another record high after gaining 0.6%, while the S&P 500 ticked up less than 0.1%.  The Dow fell 0.6%, the Global Dow lost 0.2%, and the Russell 2000 dipped 0.1%. Ten-year Treasury yields rose 7.5 basis points to 4.54%.  Investors reacted to Federal Reserve officials who maintained a hawkish stance and would not rule out another rate hike if inflationary pressures accelerated. Ten-year bond yields jumped following weak Treasury auctions of two- and five-year notes.  A surge in stock values of a major chip maker helped drive up the Nasdaq. Crude oil prices climbed $2.45 to $80.17 per barrel amid speculation that OPEC+ would extend output cuts into the second half of the year.  The dollar was flat, while gold prices rose 1.1%.

Wall Street endured another rough day last Wednesday as rising bond yields continued to cut into a preference for stocks. The small caps of the Russell 2000 lost 1.5%, the Global Dow dropped 1.4%, the Dow fell 1.1%, the S&P 500 declined 0.7%, and the Nasdaq fell 0.6%.  On the other hand, 10-year bond yields climbed to 4.62%, reflective of a disappointing government debt auction.  Crude oil prices fell to $79.00 per barrel.  The dollar gained 0.5%, while gold prices fell 0.8%.

The markets closed last Thursday mostly lower, with the Nasdaq (-1.1%), the Dow (-0.87%), and the S&P 500 (-0.6%) losing value, while the Russell 2000 (+1.0%) and the Global Dow (+0.3%) advanced. Ten-year Treasury yields ended a streak of gains, falling 7.0 basis points to 4.55%. Crude oil prices fell to $77.93 per barrel. The dollar declined 0.3%, and gold prices dipped 0.1%. Tech and consumer shares led the overall market downturn after the first-quarter GDP was revised down to 1.3% (see below).

Stocks rebounded last Friday, led by the Dow, which advanced 1.5%. The S&P 500 and the Global Dow rose 0.8%, the Russell 2000 advanced 0.7%, while the Nasdaq was unchanged. Ten-year Treasury yields fell 4.0 basis points to 4.51%. Crude oil prices decreased about $0.70 per barrel. The dollar lost 0.1%, while gold prices fell 0.7%.

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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.