S&P 500 has recorded 29 all-time highs this year. Weekly market recap, trading week 24/2024

Summary of the trading week in several posts with the most interactions on X

In this series, I’ve been bringing out financial posts with the largest number of interactions from my feed on the X platform over the most recent week. I am aware that not everybody uses X regularly so I thought it could provide some value to your analysis, and investment process.

That was quite an intensive week in the markets with the Fed meeting and US inflation data in focus. The S&P 500 saw its 29th all-time high this year while Apple has again become the largest company in the world, surpassing Microsoft and Nvidia.

How do US stocks usually perform after hitting all-time records? You can find an answer in the below article:

US stocks hit an all-time high for the 23rd time this year. Is it a good time to buy?

1) Weekly performance. In the first screenshot attached, you can see last week’s performance of the major US indexes, the VIX volatility index, gold, and Bitcoin.

- S&P 500 ended the week up 1.5%. This was 7th week of gains out of the last 8. Remarkably, it has been 329 days since the index posted a decline of 2% or more, the longest stretch since February 2018.

- Nasdaq 100 index was up 3.1% driven by Nvidia, Apple, and Microsoft. Tech stocks have seen the 5th consecutive day record high close.
- Dow Jones was down 0.7%.
- Russell 2000 (small caps) underperformed and saw a 1.3% drop.
- VIX interestingly was up 2.7%.
- Gold has recovered some of last week’s losses and ended up 1.0% this week.

What's next for gold?

- Bitcoin saw a 5.6% loss.

Is Bitcoin going to $1,000,000?

For the trading week ending June, 21 key events are:

- US retail sales and industrial production data on Tuesday

- US Manufacturing and Services PMI from S&P Global on Friday

- At least 8 Fed speeches

It will be key to see how consumer spending patterns have shaped in May. *Core retail sales will be widely watched as this metric is used to calculate US GDP.

*Retail sales excluding food services, auto dealers, building materials stores, and gasoline stations.

2) In the last 11 months, the US economy has lost 1.5 MILLION full-time jobs.