Market Recap for Week Ending June 21, 2024

Author

Amber Trusik
June 25, 2024

Dow Jones Industrial Average (DJI)

  • Weekly Increase: 1.45%

  • Year-to-Date Increase: 2.73% (as of June 21, 2023)

  • Recent Movement: Last week, the DJI contributed 53% of the year-to-date increase or 11% of the total increase for 2023.

  • Technical Indicators: The index moved above the 9 SMA, 21 EMA, and 50 SMA.

NASDAQ (NDX)

  • Weekly Increase: 0.21%

  • Technical Indicators: Holding above the 9 SMA.

S&P 500 (SPX)

  • Weekly Increase: 0.61%

  • Technical Indicators: Holding above the 9 SMA.

VIX (Volatility Index)

  • Weekly Increase: 1.61%

  • Closing Value: 13.28

  • Technical Indicators: Above the 9 SMA and 21 EMA, but below the 50 SMA.

Retail Sales Data

  • Monthly Change: Retail sales edged up by 0.1% in May 2024.

  • Key Insights: The slight increase follows a revised 0.2% fall in April, indicating cooling consumer sentiment.

  • Sector Highlights: Increase: Sporting goods (2.8%), clothing (0.9%), motor vehicles (0.8%), non-store retailers (0.8%), electronics (0.4%), miscellaneous stores (0.4%), health & personal care (0.1%), general merchandise (0.1%). Decrease: Gasoline stations (-2.2%), furniture stores (-1.1%), food services & drinking places (-0.4%), food and beverage stores (-0.2%).

Business Inventory Data

  • Monthly Change: Business inventories rose by 0.3% in April 2024.

  • Significance: This rebound matches market forecasts and follows a 0.1% decline in March.

Mortgage Data

  • Interest Rate: The average rate for 30-year fixed-rate mortgages fell to 6.94% in the week ending June 14, 2024, down from 7.02% the previous week.

Building Permits

  • Monthly Change: Building permits decreased by 3.8% in May 2024, reaching the lowest level since June 2020.

  • Regional Insights: Decrease: Northeast (-22.4%), South (-6.6%). Increase: Midwest (8.4%), West (7.1%).

Housing Starts

  • Monthly Change: Housing starts fell by 5.5% in May 2024 to the lowest rate since July 2020.

  • Regional Insights: Decrease: Midwest (-19%), South (-8.5%), Northeast (-2.5%). Increase: West (10.4%).

Jobless Claims

  • Weekly Change: Unemployment claims decreased by 5,000 to 238,000 in the second week of June.

  • Significance: This is above market expectations and marks the second-highest reading since August 2023. Continuing claims rose by 15,000 to 1,828,000, the highest since January, indicating challenges in finding employment.

PMI Flash

  • Index Change: The S&P Global US Manufacturing PMI rose to 51.7 in June 2024 from 51.3 in May, indicating an improvement in manufacturing conditions.

  • Key Insights: New orders and employment saw positive contributions, while price inflation eased. However, concerns about future demand and election-related uncertainties were noted.

Sources:

**THIS IS NOT FINANCIAL ADVICE, IT IS FOR INFORMATIONAL PURPOSES ONLY.