Rally Stalls on Rate Jitters

On The Edge (Monthly)

It was a tale of two halves during May as strong gains in the first half of the period weakened towards the back end, with fading breadth and momentum resulting in modest gains for the major averages. The bulls were off to the races early as the Fed left rates unchanged at the May FOMC Meeting but left the door open for rate cuts later in the year. That was enough to ignite a rally that carried into the middle of the month with the DJIA on an eight-day win streak. Solid earrings from Amazon (AMZ), Qualcomm (QCOM) and Apple (APPL) and a weaker than expected jobs report added to the bullish sentiment. The rally was in full swing with economic data pointing to a cooling U.S. labor market and benchmark yields falling from April highs which led to the DJIA and S&P 500 breaking out above key resistance levels, at their 50-day MA...

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Market Recap - 06/14/2024

Index Close Day Change Day % Change YTD % Change
NASDAQ COMPOSITE 17688.88 21.32 0.12% 17.84%
DJ UTILITIES 916.73 -0.41 -0.04% 3.98%
DJ TRANSPORT 14807.47 -161.34 -1.08% -6.86%
DJ INDUSTRIALS 38589.16 -57.94 -0.15% 2.39%
NYSE COMPOSITE 17817.56 -105.85 -0.59% 5.72%
S & P 100 INDEX 2632.35 6.16 0.23% 17.72%
RUSSELL 2000 2006.16 -32.75 -1.61% -1.03%
S&P 500 5431.6 -2.14 -0.04% 13.87%
CBOE MKT VOLATILITY 12.66 0.72 6.03% 1.69%
AMEX COMPOSITE 4602.46 -10.44 -0.23% 0.18%
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