In a week of streaks, the S&P 500 made it three up weeks in a row and closed at 4582. The first two days the markets marched upward in anticipation of the Microsoft and Meta earnings reports after Tuesdays closing bell. Meta was the winner, surging from $294 to $325 over the next three days, while Microsoft sold off. Wednesday was Fed Day as they instituted a quarter percentage point hike, bringing rates to their highest level since 2001. After some post announcement volatility, the S&P 500 finished the day flat. Before Thursdays opening bell, second quarter GDP came in at a better than expected 2.4%, and the markets gapped up at the open and quickly crossed above the 4600 level. However, it fell off over the day as the 10 year Treasury yield crossed above 4%. Thursday also broke the Dow streak of 13 straight up days, matching its longest winning streak since 1987. For the record, a 14th consecutive positive day for the index would have tied it for the lengthiest winning streak in history, going back to 14 June 1897, one year after the Dow came into existence. On Friday, June data for Core Personal Consumption Expenditures (PCE) price index continued to show improvement as it came in at a 4.1% annual rate, lower than the anticipated 4.2%. As such, the S&P 500 had its best daily gain of the week, and also month. What has been a somewhat unusual streak is that the S&P 500 has not had a daily move of 1% or more in July. Next week we close out July, have Apple and Amazon reporting, and also the all-important monthly employment report on Friday. For TSP TIPS both the C and I funds made new 52 week highs on Friday, and all three C/S/I) have composite scores of 100. However, the S fund leads the Performance Ranking board, just above the C fund. As such well let The Bullish Trend Be Our Friend and stay with our current investment mix.
In a week of streaks, the S&P 500 made it three up weeks in a row and closed at 4582. The first two days the markets marched upward in anticipation of the Microsoft and Meta earnings reports after Tuesdays closing bell. Meta was the winner, surging from $294 to $325 over the next three days, while Microsoft sold off. Wednesday was Fed Day as they instituted a quarter percentage point hike, bringing rates to their highest level since 2001. After some post announcement volatility, the S&P 500 finished the day flat. Before Thursdays opening bell, second quarter GDP came in at a better than expected 2.4%, and the markets gapped up at the open and quickly crossed above the 4600 level. However, it fell off over the day as the 10 year Treasury yield crossed above 4%. Thursday also broke the Dow streak of 13 straight up days, matching its longest winning streak since 1987. For the record, a 14th consecutive positive day for the index would have tied it for the lengthiest winning streak in history, going back to 14 June 1897, one year after the Dow came into existence. On Friday, June data for Core Personal Consumption Expenditures (PCE) price index continued to show improvement as it came in at a 4.1% annual rate, lower than the anticipated 4.2%. As such, the S&P 500 had its best daily gain of the week, and also month. What has been a somewhat unusual streak is that the S&P 500 has not had a daily move of 1% or more in July. Next week we close out July, have Apple and Amazon reporting, and also the all-important monthly employment report on Friday. For TSP TIPS both the C and I funds made new 52 week highs on Friday, and all three C/S/I) have composite scores of 100. However, the S fund leads the Performance Ranking board, just above the C fund. As such well let The Bullish Trend Be Our Friend and stay with our current investment mix.