Buzz on Business for Monday, June 17^th, 2024

Another new all-time high on the NASDAQ Composite masks a session of lassitude and indifference. The other indexes fell, in some cases dramatically, volume fell again, declining stocks outpaced advancers by almost three-to-two, and all of this came in answer to the best news we’ve had on inflation in years!

So, what the heck is going on here?

Wait. You’re asking US?

Stock Market Report

Stocks were mixed, mostly lower on Friday.

• The Dow Jones Industrials fell fifty-eight points, almost two-tenths of a percent, and they start the week at 38,589. The Dow is over 3.5% off its all-time high from a month ago or so.
• The S&P 500 was off two points, basically flat, and it closed at 5,432.
• The NASDAQ Composite was up twenty-one points, just over one-tenth and with closed at another new all-time high at 17,689.
• The Russell 2000, not so much. It was off over 1.60%, that’s thirty-three points and closed at 2,006.

Bond Market Report

Bonds were likewise mixed and just as lethargic.

• The 2-year treasury finished the day and week basically unchanged. It stands at 4.707%.
• The 20-year closed with a yield of 4.468%, off three ticks.

Oil, Gold, and Bitcoin

• After breaking down after the OPEC meeting two weeks ago, Oil is back in the trading range it’s been in since the end of April. It was down $0.59, and a barrel will now set you back $78.44.
• Gold was up $29.10 and a troy ounce now changes hands at $2348.10.
• And Bitcoin was off $1,028.33 and at 4:00 PM ET Friday it stood at 65,576.24.

Busy Economic Calendar On Tap

The University of Michigan Consumer Sentiment survey was released on Friday and it show a notable decline, while those surveyed also showed an increased in the one year and five year inflation expectations.

Regular listeners know we don’t place much stock in surveys—they’re essentially polls—but hey! Bad news is not as good as good news, am I right?

We’ve got a somewhat busy news week on tap. Data from the consumer spending, manufacturing, housing and labor markets will all get released.

Also, markets are closed on Wednesday for Juneteenth, so only four Buzz on Business podcasts this week. We haven’t decided if we’ll skip Wednesday’s or Thursday’s. We’ll let the markets and the news decide for us.

Either way, if staying up to date is your goal, all you’ve got to do is keep it right here on the Buzz!