Weekly Market Insights: Stocks Rise Modestly Over Short Trading Week
Presented by Apex Financial Group & Mount Vernon Investments
Stocks edged higher over the four trading days last week, with the three major averages taking turns leading based on various economic and artificial intelligence (AI) news. The Dow Jones Industrial Average rose 1.45 percent–its best week since May–while the Standard & Poor’s 500 Index gained 0.61 percent. The Nasdaq Composite, which has led all year, ended flat. The MSCI EAFE Index, tracking developed overseas stock markets, rose 0.94 percent for the week through Thursday’s close.1 Mixed Economic NewsAll three averages began the week with gains, including new highs for the S&P 500. However, stocks posted only modest gains on Tuesday as mixed economic data came in. Retail sales rose 0.1 percent—less than expected, although better than in April when sales fell.2,3,4 Markets were closed for the Juneteenth holiday on Wednesday. As the week ended, it was the Dow’s turn to lead as sentiment shifted on mega-cap tech names as investors again questioned the sustainability of AI market drivers. Home prices hit a new high in May—this, paired with high mortgage rates, caused existing home sales to fall for the third consecutive month.4,5 |
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Source: YCharts.com, June 22, 2024. Weekly performance is measured from Friday, June 14, to Friday, June 21. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points. |
A Notable AI DriverSome investors and market analysts are examining the underlying long-term drivers of AI more closely, given its outsized impact on market averages like the S&P 500 and Nasdaq. One such underlying driver is “DRAM”: Dynamic Random Access Memory, the AI-turbocharged version of a RAM semiconductor, more commonly referred to as “memory chips.” Companies making DRAM chips are an essential part of the AI ecosystem. Expect attention to shift to prominent DRAM players as they report earnings in Q2.6 This Week: Key Economic DataTuesday: Consumer Confidence. Case-Shiller Home Price Index. Wednesday: New Home Sales. Thursday: Gross Domestic Product. Jobless Claims. Durable Goods Orders. International Trade in Goods. Friday: Personal Income and Outlays. Consumer Sentiment. Source: Investors Business Daily – Econoday economic calendar; June 21, 2024 This Week: Companies Reporting EarningsTuesday: FedEx Corporation (FDX), Carnival Corporation (CCL) Wednesday: Micron Technology, Inc. (MU), Paychex, Inc. (PAYX), General Mills, Inc. (GIS) Thursday: NIKE, Inc. (NKE), McCormick & Company, Incorporated (MKC, MKC.V), Walgreens Boots Alliance, Inc. (WBA) Source: Zacks, June 21, 2024 |
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“Time is the only critic without ambition.” – John Steinbeck |
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Who Can Deduct Car Expenses On Their Tax Returns?Can you deduct expenses such as gas, depreciation, and lease payments on your tax returns? If you are a business owner or self-employed individual, you may be able to. If you use your car for business and personal purposes, you may split the expenses and base the deductions on a portion of the mileage used for business. There are two methods to calculate the car expenses you can deduct. The first method involves calculating and deducting expenses, including depreciation, lease payments, gas and oil, tires, repairs and tune-ups, insurance, and registration fees. The second entails using the standard mileage rate, which is a rate calculated to represent gas and some of the above factors. In 2021, the standard mileage rate is 56 cents per mile. Taxpayers who want to use the standard mileage rate for a car they own must use this method in the first year the vehicle is available for use in their business. *This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional. Tip adapted from IRS.gov7 |
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Healthy Summer TipsStaying healthy this summer will help you enjoy the season even more. Here are some of our favorite healthy summer tips:
Summer can be an ideal time to remain active by swimming, playing games, and enjoying some of your favorite healthy bites. Tip adapted from Prevent Cancer Foundation8 |
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At a stop sign on a rural road, there are two trucks in front of a truck, two trucks behind a truck, and one truck in the middle of two trucks. How many trucks are there in total?
Last week’s riddle: It can be told, made, cracked, and played. What is it? Answer: A joke. |
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Ouse Valley Viaduct, United Kingdom |
Footnotes And Sources
2. CNBC.com, June 17, 2024 3. The Wall Street Journal, June 20, 2024 4. MarketWatch.com, June 18, 2024 5. The Wall Street Journal, June 21, 2024 6. MarketWatch.com, June 20, 2024 7. IRS.gov, January 12, 2023 8. Prevent Cancer Foundation, January 29, 2023 |