June 24, 2024

Stocks Advance for Third Consecutive Week

Latest Publications Stocks Advance for Third Consecutive Week

Rate Cut Optimism Ticks Higher

U.S. equities ended the holiday-shortened roller-coaster week with notable selling on Thursday and carryover profit-taking on Friday that coincided with added volatility stemming from “triple-witching” options expiration collectively worth around $5.5 trillion. Selling was heavy in the primary artificial intelligence darling, NVIDIA, on Thursday with the Nasdaq Composite ending its impressive run of seven consecutive daily closing record highs. Recent gains have pushed the S&P 500 into overbought territory, with the benchmark index trading 12.7% above its 200-day moving average. The S&P 500 eclipsed 5,500 for the first time ever.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.