Weekly insights on the markets, economy, and financial planning
Last Week on Wall Street: Summer Market Gains [June 17-2024] – Video
June 17, 2024
Mike Minter
Last Week on Wall Street
Stocks notched a solid gain last week, driven by the Fed’s decision, May’s inflation report, and Apple’s AI-related news.
The Standard & Poor’s 500 Index rose 1.62%, while the Nasdaq Composite picked up 3.27%. The Dow Jones Industrial Average, which has lagged most of the year, slid 0.52%. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 2.62% for the week through Thursday’s close.1
If you’d rather digest this market recap in video format, here you go. The article continues below video.
🔔 If you would like to have immediate access to videos when we post them, subscribe to our ▶️YouTube Channel: @FinsynWealthAdvisors.
S&P 500, Nasdaq Lead; Dow Lags
Market leadership took a familiar form. The tech-heavy Nasdaq led while the Dow trailed for the second week (and four out of the past six weeks).2
Stocks trended higher at the start of the week as investors cheered an artificial intelligence update from Apple.3,4
By midweek, the market had split, with the Nasdaq and S&P 500 moving higher while the Dow lagged. Investors were upbeat after learning that consumer prices rose less than expected in May and that the Fed decided to keep rates steady. However, some investors were unsettled after learning Fed officials had shifted their outlook and now only penciled in a single rate cut between now and year-end. A few months ago, the Fed had indicated as many as three cuts were possible.5
Busy Week for News
Last week was chock full of market-moving events. Between Apple’s AI update, inflation, and the Fed, it was a toss-up which one influenced sentiment the most.
AI’s outsized role in driving market momentum continued last week. OpenAI’s deal with Apple arrived at the start of last week, and the news followed OpenAI’s deal earlier this year with Microsoft.(These companies are mentioned for illustrative purposes only; it is not a recommendation to buy, sell, or hold this or any security.)6
Wednesday morning, the Consumer Price Index (CPI) was announced. A few hours later, the Federal Open Market Committee updated its monetary policy. Those pieces of news have only arrived together 13 times since 2008.
The FOMC kept rates steady at the current 5.25-5.50 percent target range, a widely expected decision. However, the tame CPI report caused some volatility as investors grappled with how the report may influence Fed policy.7,8
This Week: Key Economic Data
Monday: Empire State Manufacturing Index. Fed Official Patrick Harker speaks. Tuesday: Retail Sales. Industrial Production. Fed Officials Thomas Barkin, Lori Logan, Alberto Musalem, and Austan Goolsbee speak. Thursday: Housing Starts and Permits. Jobless Claims. Fed Official Thomas Barkin speaks. EIA Petroleum Status Report. Friday: Existing Home Sales.
Source: Investors Business Daily – Econoday economic calendar; June 13, 2024 – The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Monday: Lennar Corporation (LEN, LEN.B), La-Z-Boy Incorporated (LZB) Thursday: Accenture (ACN), The Kroger Co. (KR) Friday: FactSet Research Systems Inc. (FDS), CarMax Inc. (KMX)
Source: Zacks, June 13, 2024 – Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
Concerns or questions about how your investment portfolio will hold up in the current market environment? Contact Financial Synergies today.
We are a boutique, financial advisory and total wealth management firm with over 35 years helping clients navigate turbulent markets. To learn more about our approach to investment management please reach out to us. One of our seasoned advisors would be happy to help you build a custom financial plan to help ensure you accomplish your financial goals and objectives. Schedule a conversation with us today.
Last Week on Wall Street: Summer Market Gains [June 17-2024] – Video
Last Week on Wall Street
Stocks notched a solid gain last week, driven by the Fed’s decision, May’s inflation report, and Apple’s AI-related news.
The Standard & Poor’s 500 Index rose 1.62%, while the Nasdaq Composite picked up 3.27%. The Dow Jones Industrial Average, which has lagged most of the year, slid 0.52%. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 2.62% for the week through Thursday’s close.1
If you’d rather digest this market recap in video format, here you go. The article continues below video.
🔔 If you would like to have immediate access to videos when we post them, subscribe to our ▶️YouTube Channel: @FinsynWealthAdvisors.
S&P 500, Nasdaq Lead; Dow Lags
Market leadership took a familiar form. The tech-heavy Nasdaq led while the Dow trailed for the second week (and four out of the past six weeks).2
Stocks trended higher at the start of the week as investors cheered an artificial intelligence update from Apple.3,4
By midweek, the market had split, with the Nasdaq and S&P 500 moving higher while the Dow lagged. Investors were upbeat after learning that consumer prices rose less than expected in May and that the Fed decided to keep rates steady. However, some investors were unsettled after learning Fed officials had shifted their outlook and now only penciled in a single rate cut between now and year-end. A few months ago, the Fed had indicated as many as three cuts were possible.5
Busy Week for News
Last week was chock full of market-moving events. Between Apple’s AI update, inflation, and the Fed, it was a toss-up which one influenced sentiment the most.
AI’s outsized role in driving market momentum continued last week. OpenAI’s deal with Apple arrived at the start of last week, and the news followed OpenAI’s deal earlier this year with Microsoft.(These companies are mentioned for illustrative purposes only; it is not a recommendation to buy, sell, or hold this or any security.)6
Wednesday morning, the Consumer Price Index (CPI) was announced. A few hours later, the Federal Open Market Committee updated its monetary policy. Those pieces of news have only arrived together 13 times since 2008.
The FOMC kept rates steady at the current 5.25-5.50 percent target range, a widely expected decision. However, the tame CPI report caused some volatility as investors grappled with how the report may influence Fed policy.7,8
This Week: Key Economic Data
Monday: Empire State Manufacturing Index. Fed Official Patrick Harker speaks.
Tuesday: Retail Sales. Industrial Production. Fed Officials Thomas Barkin, Lori Logan, Alberto Musalem, and Austan Goolsbee speak.
Thursday: Housing Starts and Permits. Jobless Claims. Fed Official Thomas Barkin speaks. EIA Petroleum Status Report.
Friday: Existing Home Sales.
Source: Investors Business Daily – Econoday economic calendar; June 13, 2024 – The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Monday: Lennar Corporation (LEN, LEN.B), La-Z-Boy Incorporated (LZB)
Thursday: Accenture (ACN), The Kroger Co. (KR)
Friday: FactSet Research Systems Inc. (FDS), CarMax Inc. (KMX)
Source: Zacks, June 13, 2024 – Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
Concerns or questions about how your investment portfolio will hold up in the current market environment? Contact Financial Synergies today.
We are a boutique, financial advisory and total wealth management firm with over 35 years helping clients navigate turbulent markets. To learn more about our approach to investment management please reach out to us. One of our seasoned advisors would be happy to help you build a custom financial plan to help ensure you accomplish your financial goals and objectives. Schedule a conversation with us today.
More relevant articles by Financial Synergies:
Recent Posts
2nd Quarter 2025 Market and Economic Review
The Market Reaches All-Time Highs
Last Week on Wall Street: Broad-Based Market Rally [June 30-2025]
Subscribe to Our Blog
Shareholder | Chief Investment Officer