The S&P 500 closed at a new Year to Date (YTD) high of 4205 on Friday. The first three days of the week were painful as debt ceiling concerns shook the markets with the S&P 500 hitting a intraweek low of 4103 on Wednesday with Nvidia (NVDA) closing at $305. However all that changed after Wednesdays closing bell when NVDA reported AI driven blowout sales numbers. NVDA opened Thursday at $385, gaining $184 billion in market cap in one day and jumping into the Top Four S&P 500 market cap ranking with almost $1 trillion. This bled over to Friday when the much tinier $55 billion chip company Marvell Technology (MRVL) enjoyed a 32% bump after projecting AI-fueled sales doubling. About one hour after Fridays open the S&P 500 broke above that 2 February intraday high of 4195 resistance level and finished with that afore mentioned YTD closing high of 4205. On the economic front the May consumer sentiment final reading came in at 59.2, slightly above expectations but well below Aprils 63.5. New data out Friday morning showed inflation rose more than expected in April. Then on Friday the Core Personal Consumption Expenditures Price Index number increased 0.4% last month and 4.7% from a year earlier. Next week the markets will be closed on Monday marking Memorial Day, hopefully debt ceiling closure and on Friday the unemployment report. For TSP TIPS, with Apple, Microsoft, Amazon and Nvidia comprising 18.5% of the S&P 500 market cap, the C fund made a new YTD high on Friday and has climbed to the top of the Composite Score and Performance Ranking leaderboards. That said, were starting to see a resurgence in the S fund as its price has now crossed above its 20, 50 and 200 day Moving Averages (MA). If this resurgence continues we may see a new investment mix next week, but for now well maintain the current allocation.
The S&P 500 closed at a new Year to Date (YTD) high of 4205 on Friday. The first three days of the week were painful as debt ceiling concerns shook the markets with the S&P 500 hitting a intraweek low of 4103 on Wednesday with Nvidia (NVDA) closing at $305. However all that changed after Wednesdays closing bell when NVDA reported AI driven blowout sales numbers. NVDA opened Thursday at $385, gaining $184 billion in market cap in one day and jumping into the Top Four S&P 500 market cap ranking with almost $1 trillion. This bled over to Friday when the much tinier $55 billion chip company Marvell Technology (MRVL) enjoyed a 32% bump after projecting AI-fueled sales doubling. About one hour after Fridays open the S&P 500 broke above that 2 February intraday high of 4195 resistance level and finished with that afore mentioned YTD closing high of 4205. On the economic front the May consumer sentiment final reading came in at 59.2, slightly above expectations but well below Aprils 63.5. New data out Friday morning showed inflation rose more than expected in April. Then on Friday the Core Personal Consumption Expenditures Price Index number increased 0.4% last month and 4.7% from a year earlier. Next week the markets will be closed on Monday marking Memorial Day, hopefully debt ceiling closure and on Friday the unemployment report. For TSP TIPS, with Apple, Microsoft, Amazon and Nvidia comprising 18.5% of the S&P 500 market cap, the C fund made a new YTD high on Friday and has climbed to the top of the Composite Score and Performance Ranking leaderboards. That said, were starting to see a resurgence in the S fund as its price has now crossed above its 20, 50 and 200 day Moving Averages (MA). If this resurgence continues we may see a new investment mix next week, but for now well maintain the current allocation.