The first half of 2024 wrapped on Friday, closing out one of the best ever. With summer in full swing, investors may continue to keep a close eye on a market that many think may be overheated.
MARKET RECAP
The S&P 500 turned lower Friday afternoon, wiping out weekly gains. Nevertheless, US stocks posted a 15% first-half rally, which is one of the best first halves ever. During the first six months of the year, stocks were led by chip stocks that continue to benefit from the AI craze. The tech-heavy Nasdaq soared 20% during the first 6 months of the year, as semiconductor companies like Nvidia far outperformed the market. Stocks received a boost earlier in the day on Friday when the Commerce Department revealed the slowest pace of inflation growth in 3 years. The Core PCE Index, the Federal Reserve's preferred inflation metric, rose just 0.1% in May from the prior month. Also, a June consumer sentiment report ticked up from the prior month. On the flip side, oil prices crept higher this week, and are now noticeably higher from the near-term low in early June.
| Past week | Year-to-date | 5-year | |
| S&P 500 | 0.0% | 15.1% | 85.6% |
| Oil (WTI crude) | 1.0% | 15.7% | 39.3% |
| Gold (New York) | 0.0% | 13.2% | 65.8% |
| Bitcoin | 0.6% | 37.3% | 460.7% |
Source: Yahoo Finance, as of June 28, 2024.
KEY DATA FOR THE WEEK OF JULY 1
While there is some market-moving macroeconomic data due up in the coming week, including the ever-important monthly jobs report, some investors appear to be placing more emphasis on valuations and the seemingly unrelenting pace of gains for stocks.
| RPM International (RPM) – Monday | ISM manufacturing –Monday |
| Constellation Brands (STZ) – Tuesday | US auto sales – Tuesday |
| EIA petroleum status report – Wednesday | |
| US factory orders – Thursday | |
| US jobless claims – Thursday | |
| US employment report – Friday | |
| See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of June 28, 2024.
SCREEN OF THE WEEK
Here are 5 stocks from the Fidelity.com Stock Screener with a forward EPS long-term growth (3-5 years), a market cap of at least $2.5 billion, a 5-year annualized standard deviation of at most 0.41, and net insider shares bought of at least 2.2K, sorted by market cap, as of June 28, 2024:
- Salesforce (CRM)
- Walt Disney (DIS)
- Intel (INTC)
- MSCI (MSCI)
- WillScot Mobile (WSC)