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Recap - Week Ahead - Broadening
“Another lesson I learned early is that there is nothing new on Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.” – Jesse Livermore
Last week's market recap:
- The S&P 500 closed the week up 1.98%. Year-to-date the index is up 16.30%
- NASDAQ closed the week down - 3.65%. YTD the index is up 18.55%
- U.S. Aggregate Bond index was down -.33%. YTD the index is up .49%
- 10-Year Treasury Rate increased, ending the week at 4.25% up from 4.18% the prior week
- Fed Funds Target rate remains at 5.25-5.50%
- The 1-Year Treasury is yielding 4.89%
- A 6 Month Treasury is yielding 5.19%
The week ahead:
- PCE (The Fed’s preferred gauge on inflation)
- 2Q GDP (first estimate)
- Earnings (Tesla, Google, Visa, Bristol Myers Squibb, and many more
Markets:
Many technology stocks pulled back from record highs while the S&P 500 posted a positive return. Small cap stocks surged mostly due to growing confidence of rate cuts in 2024 and also partially the “Trump trade.” Increased expectations of pro-growth policies and a proposed lower corporate tax rate should help boost smaller companies (at least in the short term).
Positioning:
Last week’s shift in performance and leadership highlights the importance of diversification.
Source: BlackRock Insights
As always, let us know if you have any questions.
Best,
CRA Investment Committee
Matt Reynolds CPA, CFP®
Tom Reynolds, CPA
Robert T. Martin, CFA, CFP®
Gordon Shearer Jr., CFP®
Jeff Hilliard, CFP®, CRPC®
Joe McCaffrey, CFP®
Phillip Tompkins, CFP®
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