On Friday, 28 June 2024, the S&P 500 concluded a three-week period of gains, closing 0.4% lower. Despite this slight dip, the index remains near its all-time high. The Nasdaq composite and Dow Jones Industrial Average also experienced minor declines.
Big technology stocks, which have significantly contributed to the market's recent record-breaking run, experienced a pullback, putting pressure on the overall market. This late-afternoon selling could be attributed to profit-taking or portfolio rebalancing as the second quarter concludes.
The market initially showed positive momentum following a report indicating easing inflation, raising hopes for potential interest rate cuts by the Federal Reserve. However, Treasury yields rose after the release of the personal consumption expenditures index, suggesting continued economic pressure despite cooling inflation.
Several retailers, including Nike, have warned about a slowdown in consumer spending, further highlighting the complex economic landscape. Despite these challenges, gains in the financial sector helped mitigate the overall market decline.
The S&P 500 ended June with a 3.5% gain, while the Nasdaq gained approximately 6%. Both indexes have seen substantial growth this year, highlighting the market's overall resilience despite recent fluctuations.