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- Market Recap June 28, 2024
Market Recap June 28, 2024
Amber Trusik
July 01, 2024
Market Recap for Week Ending June 28, 2024
Dow Jones Industrial Average (DJI)
Weekly Change: Decreased by 0.08%
Technical Indicators: Above the 9 SMA, 21 EMA, 50 SMA, and 200 SMA.
Key Points:
Indecision candle on Friday, June 28, 2024.
Trading in the Neutral Zone based on Triple Witching Day.
RSI is above 50.
NASDAQ (NDX)
Weekly Change: Decreased by 0.09%
Technical Indicators: Below the 9 SMA, but above the 21 EMA, 50 SMA, and 200 SMA.
Key Points:
Shooting star candle on Friday, June 28, 2024.
Rejected in the Bullish Zone based on Triple Witching Day.
RSI is above 60.
S&P 500 (SPX)
Weekly Change: Decreased by 0.08%
Technical Indicators: Below the 9 SMA, but above the 21 EMA, 50 SMA, and 200 SMA.
Key Points:
Shooting star candle on Friday, June 28, 2024.
Rejected in the Bullish Zone based on Triple Witching Day.
RSI is above 60.
VIX (Volatility Index)
Weekly Change: Decreased by 4.50%
Key Points: The decrease in indices and the VIX indicates a divergence in the data.
Key Rates
Fed Funds Rate: 5.33
SOFR Rate: 5.34
TRIN: 1.66
Durable Goods
Monthly Change: Orders excluding transportation decreased by 0.1% in May 2024, following a 0.4% increase in April, missing the forecasted 0.2% increase.
US 2 Year Bond Auction
Yield: 4.79% on Monday, July 1, 2024.
M2 Money Supply
Monthly Change: Increased by $93.2 billion to $20.963 trillion in May 2024, the highest in 15 months.
Mortgage Rates
Weekly Change: The average rate for 30-year fixed-rate mortgages decreased to 6.93% from 6.94%.
Bank Stress Test
Results: Large banks are well-positioned to endure a severe recession and stay above minimum capital requirements, despite greater losses compared to last year’s test.
Jobless Claims
Weekly Change: Unemployment claims increased by 18,000 to 1,839,000 in the week ending June 15, 2024, the highest since November 2021.
PCE Data
Monthly Change: The personal consumption expenditure price index was unchanged in May 2024 from April, which was the least change in six months. Prices for goods decreased by 0.4% and prices for services increased by 0.2%.
Annual Change: The annual PCE inflation rate decreased to 2.6%, the lowest since March 2021.
Consumer Sentiment
Revised Value: The University of Michigan consumer sentiment index for the US was revised higher to 68.2 in June 2024 from a preliminary reading of 65.6, surpassing market expectations of 65.8.
