ClientFirst Financial Strategies
Financial Planning and Portfolio Management
The beat continues with the Magnificent 7 tech stocks propelling the S&P 500 and Nasdaq to intraweek historic highs. Nonetheless, the full-week results for the three major US stock market indices were mixed.
After last week’s smackdown, the three major US stock market indices recovered this past week. Interestingly, the rally was not precipitated by Nvidia’s earnings report on Wednesday. Rather, it was broader market participation.
Inflation fears seeped into the minds of investors this past week. All three major US stock market indices took a breather while the 10-year US Treasury yield climbed to 4.50% on Friday.
The major US stock market indices posted tremendous gains this week on the heels of Tuesday’s presidential election. The other major event this week was the Federal Reserve meeting. Chairman Powell announced a 0.25% cut to the Fed Funds rate.
All three major US stock market indices dropped last week driven by tech stock performance post earnings announcements. Although Alphabet/Google, Microsoft, Meta/Facebook, Amazon, and Apple came through with solid earnings, Wall Street expressed concerns with growing capital expenditures drawing from future profitability.
Both the DJIA and S&P 500 had negative returns last week while the Nasdaq was slightly positive. The latest data still reflects slow economic growth with some inflationary pressures as evidenced by rising US Treasury yields.
For the sixth week in a row, all three major US stock market indices posted gains with DJIA, S&P 500 and even gold making record highs!
For the fifth week in a row, all three major US stock market indices posted gains. And the S&P 500 closed at a record high!
US stock market indices eked out a fourth straight week of gains, pushing the DJIA to another record high.
The major US stock market indices were marginally positive this week, stretching the gains streak to three weeks. Although both the DJIA and S&P 500 hit record highs, they did so without the assistance of the Magnificent 7.