The Week of May 20, 2024
Stocks ended mixed for the week of May 24. Investors weighed economic data which showed inflation remained sticky, while chipmaker and AI darling Nvidia reported solid earnings. Midweek, the minutes from the most recent Federal Reserve policy meeting conveyed uncertainty over disinflation and rate cuts.
The Dow Jones Industrial Average fell 2.3% for the week, snapping five consecutive weeks of gains. The S&P 500 was flat, rising less than 0.1%, and the tech-heavy Nasdaq rose 1.4%; both indexes booked a fifth straight week of gains. Meanwhile, U.S. Treasury yields advanced for the week as the 10-year yield ended at 4.471% from 4.419% the week prior.
Chart Source: Wells Fargo Investment Institute, "Looking Ahead," May 24, 2024.
Below is an inventory of our Daily Market Commentary for the Week of May 20:
- Monday, May 20- The Week Ahead. U.S. stocks landed in mixed territory on Monday as investors prepared for a busy data and corporate earnings week...Read More.
- Tuesday, May 21 - Waiting. U.S. stocks finished higher on Tuesday as investors traded in a wait-and-see mode ahead of Nvidia earnings...Read More.
- Wednesday, May 22 - Of Minutes and AI. U.S. stocks slipped on Wednesday as Fed meeting minutes conveyed uncertainty over disinflation and rate cuts. Meanwhile, investors looked ahead to chipmaker Nvidia's earnings...Read More.
- Thursday, May 23 - Reversal. U.S. stocks finished in negative territory on Thursday as all three major stock indexes reached new heights during the week...Read More.
- Friday, May 24 - Rocky Week. U.S. stocks traded in positive territory at midsession on Friday as stocks rebound but are still on track for weekly losses...Read More.
