Mixed week for stocks, Nasdaq hits record high, Fed less dovish, tech stocks lifted.

From Nasdaq: 2024-06-16 04:00:21

Stocks closed mixed on Friday, with Nasdaq climbing to fifth consecutive record high while S&P 500 and Dow Jones saw slight drops after weak consumer sentiment report. Fed updated rate cut expectations to only one this year, lifting tech stocks like Apple and Oracle. Market breadth narrowed with large-cap tech dominating gains.

Investors shifted focus as Fed turned less dovish, causing small-cap stocks to fall and value funds to see outflows. If inflation continues to decrease and economic reports remain positive, Fed may turn more dovish again. NVIDIA, Apple, Oracle, Broadcom, and Adobe all saw significant gains, while PayPal faced competition concerns.

Earnings season isn’t quite over with upcoming reports from Darden Restaurants, Lennar, Kroger, Accenture, Jabil, and CarMax. Some companies like Merck, UnitedHealth, and Southwest Airlines will also have upcoming ex-dividend dates. Market insights from TipRanks Macro & Markets analyst Yulia Vaiman can provide exclusive content for investors seeking more information.



Read more at Nasdaq: The Week That Was, The Week Ahead: Macro & Markets, June 16, 2024