FINANCIAL STOCK MARKET  WEEK "Wall Street rode a rally in tech and AI stocks" Market Week: June 24, 2024 

The Markets (as of market close June 21, 2024)

Wall Street rode a rally in tech and AI stocks for most of last week.  The end of the week saw a bit of a downturn, but not enough to keep the benchmark indexes listed here from closing the week higher.  The large caps of the Dow led the indexes, followed by the Russell 2000, the Global Dow, and the S&P 500.  The Nasdaq inched higher.  Despite a dip at the end of the week, crude oil prices posted a second straight weekly gain.  Ten-year Treasury yields rose higher after positive economic data prompted the Federal Reserve to refrain from cutting interest rates in the third quarter.  The market sectors mostly advanced last week, led by consumer discretionary, financials, and communication services.  Utilities declined, while information technology ticked lower.

Monday saw megacaps rally, pushing both the S&P 500 and the Nasdaq to new record highs. Each of the benchmark indexes listed here posted gains, led by the Nasdaq, which advanced 1.0%, while the S&P 500 and the Russell 2000 rose 0.8%.  The Dow gained 0.5% and the Global Dow climbed 0.4%.  Ten-year Treasury yields added 6.6 basis points to close at 4.27%.  Crude oil prices broke the $80.00 per barrel mark after gaining $2.17 to reach $80.62 per barrel. The dollar (-0.2%) and gold prices (-0.7%) slid.

Stocks continued to rally last Tuesday as both the S&P 500 and the Nasdaq again reached record highs. The Global Dow (0.6%) led the benchmark indexes listed here followed by the S&P 500 (0.3%).  The Dow and the Russell 2000 gained 0.2%, while the Nasdaq eked out a 0.03% advance.  The yield on 10-year Treasuries fell 6.2 basis points to 4.21%.  Crude oil prices rose to $81.46 per barrel.  The dollar slipped 0.1%, while gold prices gained 0.7%.

The stock market was closed last Wednesday for Juneteenth, which gave investors a chance to review and reset.  Thursday saw a pullback in tech megacaps, as investors captured recent gains, which led to a decline in the Nasdaq (-0.8%) and the S&P 500 (-0.3%). The small caps of the Russell 2000 also fell, dropping 0.4%. The Dow advanced 0.8% and the Global Dow rose 0.2%. Yields on 10-year Treasuries inched up to 4.25%. Crude oil prices continued to climb higher, gaining nearly 1.0% to $82.34 per barrel. The dollar rose 0.4% and gold prices gained 1.1%.

Stocks declined last Friday to close out the week.  The Global Dow fell 0.5%, the Nasdaq and the S&P 500 dipped 0.2%, while the Russell 2000 rose 0.2%. T he Dow was essentially flat.  Ten-year Treasury yields ended the day where they began. Crude oil prices rose $0.64 to $80.65 per barrel.  The dollar inched up 0.2%, while gold prices fell 1.4%.

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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.