The S&P 500 closed at 5,808 on Friday, but Tesla dominated market headlines this week. On Monday the S&P 500 declined slightly, but Nvidia gained over 4% and closed at a new record high. Tuesday was flat as the markets seemed to be in pause mode waiting for Teslas earnings report after Wednesday's close. But lets talk about Wednesdays open, when the S&P 500 gapped down at the open and continued downward due to Mega Cap weakness, with the S&P 500 closing at session lows and below 5,800. But that was short-lived as Tesla reported lower than expected revenue but had an earnings beat, sending TSLA up in after-hours trading. This momentum carried into Thursday as the S&P 500 gapped up at the open, with Tesla having its best daily gain since 2013, up nearly 22%. On Friday the S&P 500 gapped up at the open again and made a charge towards turning the week into positive territory by 1030. However, it ran out of steam and then closed at session lows. From a technical perspective, the S&P 500, DJIA, and Russell 2000 all broke their six-week winning streaks this week. However, the NASDAQ 100 made it seven in a row bolstered by TSLAs performance as it turned positive for the year, and making it the first time since September that the Magnificent 7 are all positive Year To Date. Next week we get five more reports with Alphabet on Tuesday, Microsoft and Meta on Wednesday, followed by Apple and Amazon on Thursday. To finish it out, Nvidia reports on 14 November. With the Magnificent 7 making up about 30% of the S&P 500s market cap, hopefully more good reports like TSLAs will start another weekly up streak. For TSP TIPS the C fund remains at the top of the Performance Ranking leaderboard and is the majority holding in the Aggressive and Moderate models. In the Conservative model well take advantage of our second October reallocation and bump up the C fund allocation slightly in anticipation of next weeks earnings reports.
The S&P 500 closed at 5,808 on Friday, but Tesla dominated market headlines this week. On Monday the S&P 500 declined slightly, but Nvidia gained over 4% and closed at a new record high. Tuesday was flat as the markets seemed to be in pause mode waiting for Teslas earnings report after Wednesday's close. But lets talk about Wednesdays open, when the S&P 500 gapped down at the open and continued downward due to Mega Cap weakness, with the S&P 500 closing at session lows and below 5,800. But that was short-lived as Tesla reported lower than expected revenue but had an earnings beat, sending TSLA up in after-hours trading. This momentum carried into Thursday as the S&P 500 gapped up at the open, with Tesla having its best daily gain since 2013, up nearly 22%. On Friday the S&P 500 gapped up at the open again and made a charge towards turning the week into positive territory by 1030. However, it ran out of steam and then closed at session lows. From a technical perspective, the S&P 500, DJIA, and Russell 2000 all broke their six-week winning streaks this week. However, the NASDAQ 100 made it seven in a row bolstered by TSLAs performance as it turned positive for the year, and making it the first time since September that the Magnificent 7 are all positive Year To Date. Next week we get five more reports with Alphabet on Tuesday, Microsoft and Meta on Wednesday, followed by Apple and Amazon on Thursday. To finish it out, Nvidia reports on 14 November. With the Magnificent 7 making up about 30% of the S&P 500s market cap, hopefully more good reports like TSLAs will start another weekly up streak. For TSP TIPS the C fund remains at the top of the Performance Ranking leaderboard and is the majority holding in the Aggressive and Moderate models. In the Conservative model well take advantage of our second October reallocation and bump up the C fund allocation slightly in anticipation of next weeks earnings reports.