NASDAQ Composite (.IXIC) saw the steepest decline on a percentage basis with a slip of 0.24%
A late-session selloff kept the S&P from another record and snapped the major indices’ four-day winning streak.
But let’s not be too demanding, especially in a low volume summer session. Stocks still rose for the third consecutive week to continue a spectacular month of June.
Any advance for the S&P would have given the index another record on Friday, but it just couldn’t hold onto its gains. It slipped 0.13% to 2950.46 after closing at a new high yesterday for the first time since April 30.
The Dow momentarily eclipsed its closing high from October 3, but ultimately slipped by 0.13% (or about 34 points) to 26,719.13.
The NASDAQ saw the steepest decline on a percentage basis with a slip of 0.24% (or nearly 20 points) to 8031.71.
However, the tech-heavy index had the best weekly advance of 3%, while the Dow and S&P rose 2.4% and 2.2%, respectively.
This week was all about the Fed… as this year has been as well. The rally of 2019 started when the Committee made a sudden dovish turn in January, and continued on Wednesday when they left the door open for rate cuts in July and beyond.
And you can bet the market is certainly expecting those cuts in the coming months!
We also enjoyed some good news on the trade front this week when it was announced that President Trump and China President Xi would be meeting at the G-20 in Japan.
This summit will likely be the main event next week as the market hopes for some progress in the trade conflict after a long stalemate.
We’re not looking for a miraculous resolution that comes out of nowhere… just some forward progress that could give this month a strong finish and instill some positive sentiment moving forward.
Is that too much to ask?
Today’s Portfolio Highlights:
Technology Innovators: The software space seems to have Brian’s attention. He bought in all three of his services on Friday… and all of them were in software. The pick for this portfolio was OptimizeRX (OPRX), which provides consumer and physician platforms to help patients better afford and comply with their medicines and healthcare products.
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