FINANCIAL STOCK MARKET  WEEK "U.S. stocks outpaced the rest of the world " Market Week: June 17, 2024 

The Markets (as of market close June 14, 2024)

U.S. stocks outpaced the rest of the world last week as global investors sought relief from the turmoil caused by European elections.  Tech stocks carried the market as investors digested a pair of cooling inflation reports.  The Nasdaq closed at record highs every day last week, and the S&P 500 also posted a solid gain, while the Russell 2000, the Dow, and the Global Dow all lost ground.  The benchmark 10-year Treasury yield saw its largest weekly decline of the year.  Crude oil prices surged, gold prices rose, and the dollar advanced for the fourth week in a row.

Stocks edged higher to begin last week.  Big tech firms, particularly AI companies, helped support the market uptick. Bond yields rose, with 10-year Treasuries closing at 4.46% after gaining nearly 4.0 basis points.  The Nasdaq led the benchmark indexes listed here after gaining 0.4%.  The S&P 500 and the Russell 2000 added 0.3%.  The Dow rose 0.2%, while the Global Dow dipped 0.2%.  Crude oil prices closed at about $77.95 per barrel, up $2.42.  The dollar and gold prices advanced. Utilities and energy led the market sectors, while financials and materials underperformed.

On Tuesday, the Nasdaq (0.9%) and the S&P 500 (0.3%) notched fresh records following the announcement by a major tech company of its AI platform.  The remaining benchmark indexes closed in the red, led by the Global Dow (-0.8%), followed by the Russell 2000 (-0.4%) and the Dow (-0.3%).  Bond prices jumped higher, pulling yields down, with 10-year Treasury yields falling 6.5 basis points to 4.40%.  Crude oil prices moved up marginally to $77.86 per barrel. The dollar edged up 0.1% against a basket of currencies, while gold prices gained 0.2%.

Stocks surged again on Wednesday when the latest inflation data came in cooler than expected, and ended the day higher even though the Fed later dialed back its interest rate forecasts for the remainder of 2024 (see below). Most of the benchmark indexes listed here posted gains led by the Russell 2000 and the Nasdaq, which climbed 1.8% and 1.5%, respectively.  The S&P 500 added about 0.9%, followed by the Global Dow (0.4%).  The Dow edged down 0.1%. Ten-year Treasury yields fell 11 basis points, landing slightly below 4.3%, in response to the news on inflation and interest rates. Crude oil prices rose again, closing at $78.47 per barrel.  The dollar fell 0.5%, while gold prices rose 0.6%.

Stock market performance was mixed last Thursday, after a gauge of wholesale prices unexpectedly reported the largest decline in seven months.  Only the Nasdaq (0.3%) and the S&P 500 (0.2%) held on to small gains, while the small caps of the Russell 2000 (-0.9%), the Global Dow (-0.7%), and the Dow (-0.2%) all lost value.  Information technology and real estate gained the most among the market sectors, while communication services and energy fell the furthest. Ten-year Treasury yields ticked down to 4.24%.  Gold fell 1.5% and crude oil prices declined 0.5%, while the dollar advanced 0.5%.

On Friday, global equity markets reacted to growing anxiety over a political crisis in France, and a closely-watched gauge of U.S. consumer sentiment dove to a seven-month low.  Four of the benchmark indexes closed the session lower, led by the Russell 2000, which fell 1.6%.  The Global Dow declined 0.6%, while the S&P 500 and the Dow dipped 0.4% and 0.2%, respectively.  The Nasdaq edged up 0.1%.  Gold prices jumped 1.2% and the dollar rose, while 10-year Treasury yields dipped to 4.21%.  Crude oil prices ticked up slightly.

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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.