The S&P 500 climbed on Monday 17th June 2024, closing at a new record high aided by the substantial weighted rebalancing of an ETF.
The index concluded at 5473, while the Nasdaq Composite soared to 17857. The Dow Jones Industrial Average gained 188.94 points, finishing at 38778.
These gains occurred after XLK announced it was rebalancing its fund in favour of Nvidia. The major technology exchange-traded fund will get 20% weighting and billions in investor demand it was announced.
S&P 500 500 reaches another all-time high of 5473 on 17th June 2024
Both the S&P 500 and the Nasdaq Composite each hit yet another all-time high on 13th June 2024. The S&P 500 notching fresh records for the last four consecutive days.
S&P 500 closed at another new all-time high on 13th June 2024
S&P 500 closed at another new all-time high on 13th June 2024
Nasdaq Composite closed at another new all-time high on 13th June 2024
17,667.56 USD – Up 59.12 on the day
Nasdaq Composite closed at another new all-time high on 13th June 2024
Tech led AI frenzy feed the new moves to all-time highs!
The S&P 500 soared to a new high, surpassing 5400 for the first time on Wednesday 12 June 2024, following the Federal Reserve’s latest policy statement and the May 2024 inflation report, which suggested a softening of inflationary pressures.
The S&P 500 index rose by 0.85%, closing at around 5421 while the Nasdaq Composite advanced 1.53%, finishing at 17608.
Both the S&P 500 and Nasdaq reached unprecedented levels and set closing records on Wednesday 12th June 2024. Conversely, the Dow Jones Industrial Average marginally declined by 0.09%, or around 35 points, to settle at 38712.
S&P 500 at new all-time high 12th June 2024
S&P 500 at new all-time high 12th June 2024
Nasdaq Composite at new all-time high 12th June 2024
Nasdaq Composite at new all-time high 12th June 2024
The Federal Reserve maintained the interest rates, aligning with widespread expectations. The Fed also acknowledged some progress on inflation. Modest further progress has been made toward the Committee’s 2% inflation goal and this was more than enough coupled with the recent jobs report to push U.S. markets even higher.
A tiny glimpse of the ‘2% inflation future’ was all it took to send markets on an AI led feeding frenzy to push the S&P 500 and Nasdaq to new all-time highs.
One caveat though, the Fed’s recent forecasts predict only one rate reduction this year, a decrease from the three rate cuts anticipated earlier in 2024.
It was enough to propel markets to fresh all-time highs!
The Nasdaq Composite closed at an all-time high above 17,000 for the first time, propelled by a rise in Nvidia shares, despite a generally uneventful market day.
Nasdaq 100 all-time high of 18907
Nasdaq 100 all-time high of 18907
Nasdaq Comp hit all-time high of 17019
Nasdaq Comp hit all-time high of 17019
The S&P 500 saw a marginal increase of 0.02%. Following remarks from Minneapolis Federal Reserve President Neel Kashkari.
The Dow Jones Industrial Average dropped over 200 points.
These levels were not held and were lost over subsequent trading days as even Nvidia could not stop the Nasdaq from losing ground.
The Nasdaq is a stock market index predominantly comprising technology and internet-related companies. Investors and traders closely monitor its performance as it serves as a barometer for the technological sector’s robustness and the general market mood.
Nasdaq all-time high
The Nasdaq Composite surpassed its previous highest value, marking a significant milestone in its history.
Contributing factors
Tech success
The surge was propelled by robust performances from leading tech companies like Apple, Amazon, Microsoft, and Alphabet (Google).
Economic optimism
Positive economic data, the lingering promise of interest rate cuts, and optimism about future growth contributed to investor confidence.
Market sentiment
The all-time high indicates a positive sentiment in the stock market; however, it is crucial to keep an eye on current trends and potential corrections.
Note
Keep in mind that stock markets are subject to volatility, with prices capable of swift fluctuations. It’s crucial for investors to proceed with caution and take into account their individual risk tolerance before making any investment choices.
