Daily Market Commentary

June 20, 2024

Bonds & Stocks
A rally in some big tech companies lifted stocks offsetting concerns about mostly weak economic data that could hamper the outlook for corporate profits.

The S&P 500 is heading toward another all-time high. If the Nasdaq 100 finishes higher, it will be its eighth consecutive day of gains — the longest winning streak since November. The S&P 500 approached the 5,500 mark. Treasury 10-year yields advanced seven basis points to 4.29%. The dollar rose.

US Treasuries are on the brink of breaking even during a roller-coaster first half of the year. A Bloomberg gauge of returns in the world’s biggest bond market was down just 0.1% in 2024 through Tuesday after having lost as much as 3.4% for the year in April. The loss may endure for at least another day, however. Yields climbed as US markets reopened after a holiday despite weaker-than-anticipated housing starts data for May.

European stocks and US equity futures paused Wednesday as traders sought fresh catalysts to extend the latest tech-driven gains. Despite a recent wobble driven by French political tensions, European stocks still stand about 2% off their latest record highs.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.