Weekly Market Commentary
Dog Days
The rotation continued last week with small cap stocks outpacing large cap stocks, especially in the technology sector. The Russell 2000 Index was +3.5% for the week, while the Dow was the only positive major average +0.8% and the S&P 500 fell 0.8% and the NASDAQ fell 2.6%. Within the S&P 500 Index, the Utilities, Health Care, and Materials led, while the Communication Services, Technology, and Consumer Discretionary sectors lagged. The 10-year U.S. Treasury note
Rotation
The rotation away from large cap tech stocks and into small cap stocks continued last week. The S&P 500 Index was -1.9%, the Dow was +0.7%, and the NASDAQ was -4.0%. The Russell 2000 Index was +1.7% for the week. Within the S&P 500 Index, the Energy, Financial, and Real Estate sectors led, while the Technology, Communication Services, and Consumer Discretionary sectors lagged. The 10-year U.S. Treasury note yield increased to 4.239% at Friday’s close versus
Rate Cut Horizon
Upside spread to wider areas of the equity market as investors gained confidence that inflation is trending lower and that rate cuts are on the horizon. For the week, the S&P 500 Index was +0.9%, the Dow was +1.6%, and the NASDAQ was -0.3%. Within the S&P 500 Index, the Real Estate, Utility, and Materials sectors led, while the Communication Services, Consumer Staples, and Consumer Discretionary sectors lagged. Small cap stocks saw a week of
Checking In
Stocks advanced to start the third quarter. For the week, the S&P 500 Index was +2.0%, the Dow was +0.7%, and the NASDAQ was +3.0%. Within the S&P 500 Index, the Consumer Discretionary, Technology, and Communication Services sectors led, while the Energy, Health Care, and Industrial sectors lagged. The 10-year U.S. Treasury note yield decreased to 4.278% at Friday’s close versus 4.370% the previous week. The June Employment Situation Report showed 206,000 net new jobs
Half-Time
Stocks fell modestly last week but closed out the first half of 2024 with gains. For the week, the S&P 500 Index was -0.1%, the Dow was -0.1%, and the NASDAQ was -0.1%. Within the S&P 500 Index, the Energy, Communication Services, and Consumer Discretionary sectors led, while the Utility, Materials, and Consumer Staples sectors lagged. The 10-year U.S. Treasury note yield increased to 4.370% at Friday’s close versus 4.253% the previous week. The Personal
Summer Solstice
Stocks posted gains during the holiday shortened week. For the week, the S&P 500 Index was +0.6%, the Dow was +1.5%, and the NASDAQ was +0.2%. Within the S&P 500 Index, the Consumer Discretionary, Energy, and Financial sectors led, while the Utility, Real Estate, and Technology sectors lagged. The 10-year U.S. Treasury note yield increased to 4.253% at Friday’s close versus 4.209% the previous week. Key economic data out this week includes the Personal Consumption