Trading was closed on Wednesday for the Juneteenth holiday
The week started similarly to last, as the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) continued their extended streak of record highs, the latter notching seven consecutive daily wins on Tuesday. There came a shift after the market was closed midweek for the Juneteenth holiday, however, with both indexes turning lower on Thursday — the Nasdaq by triple digits. Meanwhile, the Dow Jones Industrial Average (DJI) snapped a four-day losing streak on Monday and had a strong rest of the week. Stocks are quietly volatile at this point on triple witching Friday as investors unpack a flood of economic data. Currently, the S&P 500 and Dow are headed for weekly wins — the former’s third straight.
Notable This Week
All eyes were on Nvidia (NVDA) this week, after the company again briefly surpassed Microsoft (MSFT) as the most valuable public company in the world. There are plenty of other chip stocks to watch as well. And also, in the artificial intelligence (AI) arena, Super Micro Computer (SMCI) just made a deal with Elon Musk. In other news, Kroger (KR) stock rebounded from its recent drop after an upbeat report, Autodesk (ADSK) rose amid Starboard lawsuit, and Nextera Energy (NEE) sold $2 billion of equity units.
June Winding Down
The end of June will bring plenty of economic data, including durable goods orders and the personal consumption expenditures (PCE) index, as well as earnings from Nike (NKE). Large caps have been outperforming small caps this year, which could very likely continue, per Schaeffer’s Senior Quantitative Analyst Rocky White. Also, according to Schaeffer’s Senior V.P. of Research Todd Salamone, there are plenty of trendlines to watch on the S&P 500.