The 4 Things We're Focusing on Most in the Stock Market This Week
The Nasdaq Composite rose slightly on Friday to record its fifth straight record close, as new data last week showed a continued cooling in inflation and a pullback in Treasury yields. For the week: The tech-heavy Nasdaq gained 3.2%, while the S&P 500 rose 1.6% and the Dow Jones Industrial Average fell 0.5%. Economic updates helped drive gains. First, the consumer price index (CPI) for May was weaker than expected on Wednesday, remaining stable compared to April. Economists had expected a gain of 0.1%. A day later, the producer price index (PPI) fell 0.2% for the month, compared to an expected rise of 0.1%. (The CPI measures the prices of a basket of goods and services in the U.S. economy, while the PPI is a measure of the prices that producers get for their goods and services in the market.) Both publications were well welcomed by investors. They showed that the Federal Reserve's two-year plan to raise and keep interest rates high to reduce inflation continues to work. The hope is that as prices fall, the central bank will begin cutting rates again. Fed Chairman Jerome Powell highlighted this progress to reporters after the FOMC's decision Wednesday to leave rates unchanged. However, he said more data was needed before making a reduction. He said a reduction would likely be appropriate before the end of the year. The market doesn't seem to agree. As of Friday, the CME FedWatch tool put the highest odds on two cuts this year, the first in September and another in December. Among S&P 500 sectors, information technology was the week's big winner, rising nearly 6% thanks to big moves in Club names Apple and Broadcom as well as Oracle and Adobe. Portfolio heavyweight Nvidia's 8.5% rise after its stock split 10-for-1 on Monday also helped. On the other hand, the energy sector was the biggest loser, followed by financial and industrial stocks. At the Club this week we heard from Broadcom, which reported strong quarterly results and announced its own 10-for-1 stock split. No portfolio company will report earnings for the coming week. In the first quarter, technology was the big winner as 89% of companies in the sector reported earnings above expectations. This is followed by health care at 88% and consumer staples at 84%, according to FactSet. On the revenue side, real estate leads the way, with 74% of companies reporting positive earnings surprises, followed by technology at 71% and healthcare at 69%. Here's what awaits us for the coming week: American markets are closed on Wednesday to mark June 19. Retail sales. The results for the month of May fell on Tuesday and should highlight the resilience of the consumer. Where do people spend? What do they rely on? Investors are looking for an overall monthly gain of 0.3%, according to FactSet. Industrial production and capacity utilization. This will show the performance of the manufacturing, mining and electricity and gas utility sectors. According to FactSet, economists expect industrial production to increase 0.3% month-over-month with capacity utilization at 78.6%, up slightly from the previous month. Accommodation. May housing starts and existing home sales dominate the end of the week. The cost of housing has been a major source of upward pressure on inflation, so any sign of relief will be welcome on Wall Street. Earnings . While no portfolio companies report, two companies to watch are Lennar on Monday and Darden Restaurants on Thursday. Lennar is one of the largest home builders in the United States, so we can use this release to indirectly provide additional clues about the future trajectory of inflation. Ideally, we want more supply to be on the way, as this will be key to dampening price inflation, which will be key to the Fed's rate cuts later this year. Darden Restaurants, the operator behind Olive Garden, Longhorn Steakhouse, Yard House and more, will give us another take on consumer spending. Monday, June 17 After the Bell: Lennar (LEN), La-Z-Boy (LZB) Tuesday, June 18 8:30 a.m. ET: Retail Sales 9:15 a.m. ET: Industrial Production and Capacity Utilization Before the Bell: Americas CarMart (CRMT) ) After the bell: KB Home (KBH) Wednesday June 19 American stock markets are closed on June 19. Thursday, June 20 8:30 a.m. ET: First applications for unemployment benefits 8:30 a.m. ET: Starts Before the bell: Accenture (ACN), Kroger (KR), Darden Restaurants (DRI), Jabil (JBL) After the bell : Smith & Wesson (SWBI) Friday, June 21 at 10 a.m. ET: Existing Home Sales Before the Bell: CarMax (KMX), FactSet (FDS) (See here for a complete list of Jim Cramer's Charitable Trust stocks.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after a trade alert is sent before buying or selling a stock in his charity's portfolio. If Jim talked about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO OBLIGATION OR FIDUCIARY OBLIGATION EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
A trader works as a screen displays a news conference by Federal Reserve Chairman Jerome Powell following the Fed's rate announcement on the floor of the New York Stock Exchange (NYSE) in New York , in the United States, January 31, 2024.
Brendan McDermid | Reuters
THE Nasdaq Composite rose slightly on Friday to earn its fifth straight record close, as new data last week showed a continued cooling in inflation and Treasury yields retreated.
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