Markets Consolidate Amid Slow Week – June 21 Market Recap
Indices
- Dow 39,150, +352 or +0.91%.
- Nasdaq 17,689 +1 or +0.01%.
- S&P 5,464, +33 or +0.61%.
- MSCI EAFE 2307.56, +1.15 or +0.05%.
- USD10Y 4.257%, +4.4bp or +1.04%.
- WTI Crude $80.64 bbl, +$2.16 or +2.75%.
Markets Consolidate Amid Slow Week
Markets traded flat to slightly up this past week amongst a dearth of economic and earnings news. Homebuilders Lennar (LEN) and KB Home (KBH) beat their quarterly numbers, May Retail Sales missed expectations, Jobless claims remained higher than the 4-week average, but June Flash Manufacturing and Services numbers were strong and beat expectations. All of which is to say that conflicting data remains the norm. Investors will be looking forward to Friday’s May Personal Consumption Expenditure (PCE) report to gauge the progress of the fight against inflation and the prospect of a Fed rate cut prior to the election in November.
This Week: June 21 – June 28
It’s another sleepy week as we bid farewell to spring and welcome the summer solstice. Shipping giant FedEx (FDX), food giant General Mills (GIS), and semiconductor giant Micron Technology (MU) will all report this week. Among the economic data expected, only Friday’s May PCE report has the power to move markets.
Economic Calendar
- Monday – N/A.
- Tuesday – May Consumer Confidence. Earnings: FedEx (FDX).
- Wednesday – N/A. Earnings: General Mills (GIS), Micron Technology (MU).
- Thursday – Initial Jobless Claims, Q1 GDP (2nd Revision), May Durable Goods Orders. Earnings: Nike (NKE).
- Friday – May Person Consumption Expenditure (PCE).
If you know of any friends or family members who could benefit from our services and these types of communiques, we are accepting new clients and offer a complimentary one-hour review.
Last Week‘s Daily Trading Recap…
Monday – Dow +188 to 38,778, Nasdaq +168 to 17,857 (record close), S&P +41 to 5,473 (record close), USD10Y +6.6bp to 4.279%.
- Eight of eleven S&P sectors traded higher today, led by Consumer Discretionary, Technology, and Industrials.
- May Empire State Manufacturing improved to -6 vs expectations of -10.5 and vs last month’s print of -15.6.
- Lennar (LEN) beat earnings and revenue expectations and yet still traded down -2.18%.
Tuesday – Dow +56 to 38,834, Nasdaq +5 to 17,862 (record close), S&P +13 to 5,487 (record close), USD10Y -6.2bp to 4.217%.
- Eight of eleven S&P sectors traded higher today, led by Financials, Technology, and Industrials.
- May Retails Sales rebounded from last month’s -0.2% reading to +0.1% but missed expectations 0f +0.2%.
- KB Home (KBH) beat on both top and bottom-line expectations.
Wednesday – Markets Closed in Observance of Juneteenth.
Thursday – Dow +299 to 39,134, Nasdaq -140 to 17,721, S&P -13 to 5,473, USD10Y +3.7bp to 4.254%.
- Eight of eleven S&P sectors traded higher today, led by Energy, Utilities, and Financials.
- Jobless claims dipped slightly to 238,000 vs 235,000 forecast and vs. last week’s slightly revised higher print of 243,000 (originally 242,000).
- The June Philadelphia Federal Manufacuturing Survey was a disappointing 1.3 vs 5 expected and vs May’s print of 4.5.
Friday – Dow +15 to 39,150, Nasdaq -32 to 17,689, S&P -8 to 5,464, USD10Y +0.3bp to 4.257%.
- Six of the eleven S&P sectors traded higher today, led by Consumer Discretionary, Communication Services, and Healthcare.
- June U.S. Flash S&P Services demonstrated strength at 55.1 vs 54 expected and vs last month’s 54.8 print.
- June U.S. Flash S&P Manufacturing also beat expectations at 51.7 vs 51 and vs last May’s 51.3 result.
If you know of any friends or family members who could benefit from our services and these types of communiques, we are accepting new clients and offer a complimentary one-hour review.
Disclaimer: This is not a recommendation to buy or sell any of the securities listed above. I personally, or a family member whose account I control, have positions in the following securities/assets…Bitcoin, Cardano, Chainlink, Ethereum, ACHR, AVGO, BITB, ETHE and GBTC.