Investors Take Profits on Holiday Shortened Week (June 23 Market Recap).
Indices
- Dow 33,727, -572 or -1.67%.
- Nasdaq 13,492, -197 or –1.44%.
- MSCI EAFE 2097.67, -63.82 or -2.94%.
- S&P 4,348, -61 or –1.38%.
- USD10Y 3.739%, -3.0bp or -0.79%.
- WTI Crude $69.50 bbl, -$1.94 or -2.72%.
Investors Take Profits on Holiday Shortened Week
It was an extremely uneventful week as investors took profits after this most recent runup in stock prices. Fed Chairman Jerome Powell said nothing new in his testimony to Congress that he hadn’t said last week after the Federal Reserve meeting. Initial Jobless claims while unchanged from last week, were higher than expected and the four-week moving average continued to climb for the fourth consecutive week.
Next Week
It is another extremely light week of economic data next week; May Durable Goods, Initial Jobless Claims and May Personal Consumption Expenditure (PCE) Index.
Economic Calendar
- Monday – N/A.
- Tuesday – May Durable Goods Orders.
- Wednesday – N/A.
- Thursday – Initial Jobless Claims.
- Friday – May PCE Index.
If you know of any friends or family members who could benefit from our services and these types of communiques during these unique times, we are accepting new clients and offer a complimentary one-hour review.
June 23 Daily Trading Recap…
Monday – Markets Closed in Observance of Juneteenth.
Tuesday – Dow -245 to 34,053, Nasdaq -22 to 13,667, S&P -20 to 4,388, USD10Y -4.0bp to 3.729%.
- Ten of eleven S&P sectors traded down, led lower by Energy, Materials, and Utilities.
- Markets sold off on no new news as investors took profits.
Wednesday – Dow -102 to 33,951, Nasdaq -165 to 13,502, S&P –23 to 4,365, USD10Y –0.6bp to 3.723%
- Six of eleven S&P sectors traded higher, led by Energy, Utilities, and Industrials.
- Fed Chairman testified to the House Financial Services committee and in hawkish comments stated that inflation was still well above their 2% target and that he anticipates two additional 25bp rate hikes prior to year-end. He noted that the labor markets are showing some signs of loosening.
Thursday – Dow -4 to 33,946, Nasdaq +128 to 13,630, S&P +16 to 4,381, USD10Y +7.6bp to 3.799%.
- Six of eleven S&P sectors traded down, led lower by Real Estate, Energy, and Utilities.
- Jobless claims were unchanged at 264,000 vs the 260,000 forecast and last week’s slightly revised higher print of 264,000 (vs 262,000 originally).
- May Leading Economic Indicators fell –0.7% vs last month’s decline of –0.6%.
Friday – Dow –219 to 33,727, Nasdaq –138 to 13,492, S&P –33 to 4,348, USD10Y –6.0bp to 3.739%.
- All eleven S&P sectors traded down today, led by Energy, Utilities, and Consumer Discretionary.
- May Flash S&P U.S. Services PMI continued to show expansion at 53.3 but was down vs last month’s 54.9 print.
- May Flash S&P U.S. Manufacturing PMI indicated contraction at 49.0 but was slightly better than last month’s 48.4 number.
If you know of any friends or family members who could benefit from our services and these types of communiques during these unique times, 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, ETHE, GBTC, and TSLA.