Economic Data and Market Highlights
Stocks were broadly higher on the week as US stock benchmarks hit new highs with S&P 500 up 1.25%, the Dow up 1.10%, and the NASDAQ rose 2.2%. The Russell 2000 hit its first new high since 2021, advancing 2.21%. The Federal Reserve lowered rates by 25 basis points and signaled that more rate cuts are likely over the course of the next several meetings. Focus of the Fed has turned from managing inflation to its other mandate, employment.
Concentration in the S&P 500 was at its highest in 60 years this week, with the top 5 holdings topping 29.21%. Mag Seven names are at 34.91%.
Gold rose modestly this week, up 53 basis points, but on a year-to-date basis, it is well above bitcoin (40.32% vs 23.26) and well above US stocks. Gold is seeing its biggest increase since 1979.
The Past Week’s Notable US data points (with revisions)
The Upcoming Week’s notable US data points
Source: Morningstar
Data Source: Jim Bianco Research, Charles Schwab and Co, Financial News London, Financial Times, Kobelessi Letter Morningstar, MarketWatch, Standard & Poor’s, and the Wall Street Journal.
Authors:
Jon Chesshire
Michael McNamara