The Week In Review


The major averages closed higher for the day, week, month, quarter, and the year led by tech stocks once again. The Dow Jones Industrial Average rose 285 points, or 0.84%. The S&P 500 rose 53 points or 1.23% while the Nasdaq Composite jumped 196 points or 1.45%. All three averages notched winning weeks, gaining more than 2% each.

Economic data out this morning lent support to the rally. The May core personal consumption expenditures price index, a closely watched gauge by the Federal Reserve, rose less than expected in May. Core PCE increased 4.6% from a year ago, below the 4.7% expected by economists.

Once Including the food and energy components, inflation was considerably softer, up just 0.1% in the month verse 3.8% a year ago. The results were down respectively from the 0.4% and 4.3% increases reported for April.

The rally so far this month and year has been in the beaten-down growth names from 2022 including any stock with an artificial intelligence component. Artificial intelligence chipmaker Nvidia rose 3% today and up nearly 190% year to date. Mega caps like Meta Platforms, Microsoft and Netflix rose 2% or more.  Apple rose 2% as well moving above a $3 trillion market cap for the first time.

Elsewhere, Nike shares bucked the broad market uptrend. The apparel giant fell 2% after reporting a weaker-than-expected quarterly profit. The rest of the retail sector is taking a hit after the Supreme Court blocked President Biden's plan for student loan forgiveness.

For June, the S&P 500 gained 6.5% for its best monthly performance since October. The Nasdaq advanced 6.6%. Both indexes notched a fourth consecutive positive month. The Dow climbed 4.6%, for its best month since November.

For the second quarter, the S&P 500 rose 8.3% for its third straight quarter of gains and its biggest quarterly advance since the fourth quarter of 2021. The Nasdaq jumped 12.8% for back-to-back positive quarters. The Dow added 3.4% for a third winning quarter.

For the first half of the year, the S&P 500 jumped 15.9% for its best first half since 2019. The Nasdaq surged 31.7%, for its best first half since 1983. The Dow Jones rose just 3.8%.

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