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Strength of the Market
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The Strength of the Market is: Strong

hyggeadvisors
Jun 24, 20241 min read

The S&P 500 notched an intraday record of 5,505.53 last week, registering a 0.6% weekly advance, while the Nasdaq was flat and the Dow Jones rose 1.45%. Technology stocks continue to be in the spotlight, with one single stock, Nvidia, having a huge influence on the whole stock market. Though, some signs of an overextended market have begun to appear recently - it is unclear whether the artificial intelligence-fueled rally has reached its limits just yet.

 

Economic reports from last week came back mixed:

•Manufacturing (New York) - higher than expectation

•Manufacturing (Philadelphia) - lower than expectation

•Retail Sales - lower than expectation

•New Residential Construction - lower than expectation

•Existing Home Sales - higher than expectation

•Jobless Claims - higher than expectation

 

This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Confidence & Sentiment, Personal Income and Jobless Claims.

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