The S&P 500 index edged up last week as gains in the technology and communication services sectors offset declines elsewhere.
The market benchmark reached a new intraday high last week when it traded at 5,341.88 on Thursday. It is now up 5.3% in May and 11% for the year.
Investors are trying to reconcile an unexpected acceleration in the US manufacturing purchasing managers’ index in May against a month-over-month decline in US consumer sentiment, though the decline was smaller than the market predicted. Signs of faster-than-expected economic activity prompt investors to pull back on their bets for rate cuts.
The technology and communication services sectors were the only sectors that rose for the week. Technology climbed 3.4% while communication services added 0.2%.
On the downside, energy fell 3.8%, followed by a 3.7% drop in real estate and a 2.0% decline in financials. Other sectors down by more than 1% each included consumer discretionary, consumer staples, health care and utilities.
US markets were closed on Monday for Memorial Day. Companies reporting quarterly results later this week include Salesforce, Costco Wholesale and Dell Technologies.
Economic data will include May consumer confidence today, the first revision to Q1 gross domestic product on Thursday and the April personal consumption expenditures index, a closely watched inflation measure, on Friday.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:
Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Nvidia’s Q1 Earnings Report Miss, Market Reacts