Last week, the S&P 500 edged down for its first weekly loss since late May, though the index rose almost 15% in the first half of 2024.
With last week being the only week the market benchmark has been in the red this month, it still logged a 3.5% increase for the month of June.
The index’s first-half gain still failed to top last year’s increase of nearly 16%.
Revised gross domestic product data last week showed the US economy grew at a slightly faster rate in the first quarter than previously forecast, while inflationary pressures intensified. US consumer spending rose less than expected in May, while inflation slowed down at the monthly and annual levels.
The S&P 500’s sectors were mixed, with advancers and decliners nearly canceling each other out. Materials and utilities led to the downside with drops of 1.1% each. Other decliners included consumer staples, industrials, technology, health care and financials.
Energy led to the upside, climbing 2.7%, followed by a 1.3% rise in communication services. Other gainers included real estate and consumer discretionary.
This week, investors will focus on June employment data, with ADP set to release its monthly employment report on Wednesday and the US government set to release its monthly nonfarm payrolls and unemployment rate on Friday. The US stock market will be closed on Thursday for Independence Day.
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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.
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