Weekly Market Recap: Tech Tumbles and Economic Data Takes Center Stage

Monday: Investors sold off technology stocks as they awaited critical inflation data, leading to a mixed close on Wall Street. The Dow edged up by 0.7%, contrasting with a 0.3% dip in the S&P 500 and a 1.1% drop in the Nasdaq.

Tuesday: A mix of poor economic indicators and a tech rally led to another day of mixed results. The Dow declined by 0.8%, while the Nasdaq rebounded, climbing 1.3%, and the S&P 500 modestly rose by 0.4%.

Wednesday: The technology sector’s gains lifted overall market sentiment, resulting in gains across major indices. The Dow, S&P 500, and Nasdaq increased by 0.04%, 0.2%, and 0.5%, respectively.

Thursday: As anticipation built for the Personal Consumption Expenditures (PCE) data release, markets ended on a positive note. The Dow and S&P 500 both rose by 0.1%, and the Nasdaq saw a 0.3% increase.

Friday: Despite a strong start, markets faltered after digesting the PCE report, closing lower. The Dow fell by 0.1%, the S&P 500 by 0.4%, and the Nasdaq by 0.7%. The day marked the end of June, the second quarter, and the first half of 2024. June saw all indices up, but the second quarter mixed results, with the Dow down and the S&P 500 and Nasdaq up. All major indices posted gains for the first half of 2024. Overall, the week saw the Nasdaq gain, while the Dow and S&P 500 recorded losses.

Conclusion: Last week’s market performance highlighted the delicate balance between tech sector volatility and broader economic indicators. Despite the mixed daily results, the overarching trend suggests cautious optimism among investors as they navigate through economic uncertainty and adjust their strategies based on incoming data and market signals. As we move into the next quarter, all eyes will remain on economic trends and their potential impact on market dynamics.

Stay tuned for our video forecast on the week ahead, where we’ll provide insights and predictions to help navigate the ever-changing landscape of the stock market.

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