The Dow had a great day yesterday, the S&P 500 had a decent one, and the Nasdaq Composite fell by such a small amount in points, it worked out to a change of...0.00%. You don’t see that very often.
In any event, stocks are adding to their gains this morning. Treasuries are flat along with gold and silver, while crude oil is a bit higher and the dollar is slipping.
On the news front…
This Wall Street Journal story is headlined: “Markets’ Monster 2023 Rally Defied All Expectations.” It goes on to say the following...
“Stocks burst out of a bear market, with the Nasdaq Composite up 30% and on course for its best first half of a year since the 1980s. Bitcoin surged more than 80%, despite the U.S. Securities and Exchange Commission suing the world’s biggest cryptocurrency exchanges. Bonds enjoyed some reprieve, too. Indexes tracking everything from Treasurys to junk bonds have posted modest gains following their historic selloff last year.”
But I’m going to raise my hand here and say it didn’t REALLY defy all expectations. Several of our MoneyShow expert speakers articulated a bullish stance on technology stocks in particular, and markets overall, at live and virtual events earlier this year. That includes people like Mark Mahaney, Gene Munster, Jeff Hirsch, and Tom Lee.
I’ve also been advocating a “Be Bold” investing approach throughout 2023, after advising a “Be Boring” stance the previous 18 months. If you listened and absorbed that information – and acted on the guidance of the aforementioned experts – you have likely done well for yourself. Congrats!
Getting back to the news, personal income rose 0.4% in May while spending rose 0.1%. The figures were roughly in line with expectations. But the personal consumption expenditures (PCE) price indices in the report were cooler than forecast. That’s music to the ears of a market worried about more Federal Reserve interest rate hikes.
Finally, if you’re one of the millions who have taken up pickleball for exercise and entertainment, it’s been a rough week. First there was news the sport has caused $377 million in insured medical claims, up 156% from a year earlier. Now, people are complaining it’s too darn loud. You can’t win apparently.
