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The Week of May 27, 2024 Thumbnail

The Week of May 27, 2024

The three leading U.S. stock indexes finished lower for the week of May 27, while booking in monthly gains for May. Investors digested key economic updates and AI related corporate earnings as they moved into the second half of the year. 

At the end of the week, investors weighed the U.S. Federal Reserve's preferred inflation gauge, the PCE Price Index, rose 2.7% YoY in April, unchanged from the previous month. The core read, which strips out volatile food and energy costs, rose 2.8% YoY and was slightly higher than estimates of 2.76%. The annualized core PCE was also unchanged from its last print but fell to 0.2% from 0.3% month-over-month.

Weely and Monthly Performances:

  • U.S. Major Stock Indexes: S&P 500 down 0.48% for the week, up 4.84% in May. Dow Jones Industrial Average down 0.93% for the week, up 2.36% in May. Nasdaq fell 1.1% for the week, up 6.88% in May. 
  • The U.S. 10-year yield fell 4.1 basis points (bps) to 4.512% on Friday (May 31), down 17.1 bps for the month but up 4.1 bps for the week.
  • WTI crude oil lost 6.03% in May, down 0.94% for the week, and settled down 1.18% on Friday (May 31) at $76.99 a barrel on NYMEX.
  • COMEX gold settled up 1.37% in May, down 0.50% this week, and down 0.85% on Friday (May 31) at $2,322.90 t oz. 
  • The U.S. dollar declined on Friday (May 31) and was set for its first monthly drop since 2024 as inflation data rose in line with expectations.

Chart Source: Wells Fargo Investment Institute, "Looking Ahead," May 31, 2024. 

Below is an inventory of our Daily Market Commentary for the Week of May 27: 

  • Tuesday, May 28 - PCE Week. U.S. stocks finished mixed on Tuesday as investors returned from the long holiday weekend...Read More.
  • Wednesday, May 29 - Yields. U.S. stocks ended in negative territory on Wednesday as yields climbed to multiweek highs....Read More.
  • Thursday, May 30 - Drop. U.S. stocks finished red on Thursday as investors digested yields, corporate earnings, and Friday's inflation data...Read More.
  • Friday, May 31 - Inflation as Expected. U.S. stocks ended flat to higher on Friday as the Fed's favorite inflation gauge was unchanged in April...Read More.