Weekly US Stock Market Summary
With markets closed Friday for the Juneteenth holiday, investors squeezed an intense week of activity into four days, capped by a heavy "triple-witching" derivatives expiration on Thursday. Major indices finished firmly in the green, driven by a powerful rotation into hardware and growth sectors.
Index Performance
Nasdaq Composite: △ 1.91% (Closing at 26,517.93)
S&P 500: △ 1.08% (Closing at 7,500.58)
Dow Jones Industrial Average: △ 0.14% (Closing at 51,564.70)
Russell 2000: △ 2.00% (Reaching a fresh all-time high)
The chip sector vastly outperformed the broader market, here are some of the highlights:
Intel (INTC): The week's standout performer, skyrocketing 10.6% to a record high. The stock was supercharged by a White House announcement revealing that Apple (AAPL) has agreed to partner with Intel to design and manufacture its chips domestically within the U.S.
Nvidia (NVDA) & Micron (MU): Riding the semiconductor wave, Nvidia gained 3.0% and Micron surged 8.7% as geopolitical relief fueled expectations of steadier supply chains.
SpaceX: Following its blockbuster initial public offering the previous week, the Elon Musk-led rocket and AI giant faced sharp profit-taking. Shares slid 3.56% on Thursday alone, compounding a 4.95% drop on Wednesday as early momentum cooled.
Software and Consulting Slump
Accenture (ACN): Plunged 18.0% after the IT consulting giant lowered the upper bound of its annual revenue guidance, citing weakened short-term demand. The news dragged down sector peers like IBM and Gartner.
As the U.S.-Iran interim peace deal took effect and reopened the Strait of Hormuz, WTI crude plunged toward $75 a barrel. While this eased inflation worries for growth stocks, it hurt commodity-linked equities. The S&P 500 Energy sector dropped 1.73%, while Financials shed 0.91% after Fed Chair Kevin Warsh warned that interest rates could still move higher later in the year to keep inflation tightly capped.
That is all I could summarise about what happened in the stock market last week. Have a great weekend!
$VOOV (Vanguard S&P 500 Value ETF)... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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