It was a bullish record setting ride on Wall Street this week as the S&P 500 closed at 6,584. In a week dominated by big news from individual stocks, Monday started off on a positive note as key chipmakers helped carry the S&P 500 higher. Applovin (APP) jumped 11% as it was announced it was being added to the S&P 500. On Tuesday the big news was Apples (AAPL) Awe Dropping product event which introduced the iPhone 17. While nice, AAPL dropped 1.5% for the day but the S&P 500 scored its first record of the week. However, the bigger news was Oracles (ORCL) earnings report after the bell which carried over into Wednesday. However, before Wednesdays open the August Producer Price Index (PPI) came in at minus -0.1%, well below the forecast of 0.3% and marking its first decline in four months. The S&P 500 gapped up at the open and then the ORCL effect kicked in as it gained 36%, its best day since 1992. ORCL reported enormous cloud demand numbers, saying it has $455 billion in remaining performance obligations, up 359% from a year earlier. As such, the S&P 500 scored its second record of the week. And then on Thursday we had the August Consumer Price Index reading coming in hotter than expected at 0.4%, with the annual rate coming in at the expected 2.9%. Shrugging it off, the markets opened in a bullish mood which quickly spread to all sectors with numerous major indices making new 52-week highs, the 10 year Treasury yield dropping to 4%, and the S&P 500 scoring its third consecutive record of the week. On Friday the markets were muted but one stock in the news was Rigetti Computing (RGTI), up 14% after entering into new global collaborations to position itself as a serious contender in the emerging hybrid quantum ecosystem. And finally, lets not forget about Tesla (TSLA) which gained 6% on Thursday and tacked on another 7% on Friday. That said, on Friday the S&P 500 did hit a new intraday record high above 6,600, but did not set a closing record. However, it did rise 1.6% over the week for its best weekly performance since early August and its fifth positive week in six. From a technical perspective, this market rally is broadening out at a nice pace. While the S&P 500 scored three new record highs this week, the NASDAQ 100 has been up for the last eight days, with the final three being all-time records. For next week the major focus will be on the Fed and the rate decision on Wednesday afternoon. As such, one could expect a muted market leading up to that decision, and then well see the markets reaction. For TSP TIPS it was a nice week across the board as the S, C, I and F funds all made two or more new record highs, and all four making new all-time highs on Thursday. The three equity funds (S/C/I) remain at maxed out Composite Scores, with the Performance Ranking leaderboard showing S at the top followed by C and I. As such we recommend no changes to our current investment mixes. Mutual Fund Window (MFW) TIPS continues to look strong with a 100% allocation in the ProFunds Ultra NASDAQ 100 (UOPIX) fund.
It was a bullish record setting ride on Wall Street this week as the S&P 500 closed at 6,584. In a week dominated by big news from individual stocks, Monday started off on a positive note as key chipmakers helped carry the S&P 500 higher. Applovin (APP) jumped 11% as it was announced it was being added to the S&P 500. On Tuesday the big news was Apples (AAPL) Awe Dropping product event which introduced the iPhone 17. While nice, AAPL dropped 1.5% for the day but the S&P 500 scored its first record of the week. However, the bigger news was Oracles (ORCL) earnings report after the bell which carried over into Wednesday. However, before Wednesdays open the August Producer Price Index (PPI) came in at minus -0.1%, well below the forecast of 0.3% and marking its first decline in four months. The S&P 500 gapped up at the open and then the ORCL effect kicked in as it gained 36%, its best day since 1992. ORCL reported enormous cloud demand numbers, saying it has $455 billion in remaining performance obligations, up 359% from a year earlier. As such, the S&P 500 scored its second record of the week. And then on Thursday we had the August Consumer Price Index reading coming in hotter than expected at 0.4%, with the annual rate coming in at the expected 2.9%. Shrugging it off, the markets opened in a bullish mood which quickly spread to all sectors with numerous major indices making new 52-week highs, the 10 year Treasury yield dropping to 4%, and the S&P 500 scoring its third consecutive record of the week. On Friday the markets were muted but one stock in the news was Rigetti Computing (RGTI), up 14% after entering into new global collaborations to position itself as a serious contender in the emerging hybrid quantum ecosystem. And finally, lets not forget about Tesla (TSLA) which gained 6% on Thursday and tacked on another 7% on Friday. That said, on Friday the S&P 500 did hit a new intraday record high above 6,600, but did not set a closing record. However, it did rise 1.6% over the week for its best weekly performance since early August and its fifth positive week in six. From a technical perspective, this market rally is broadening out at a nice pace. While the S&P 500 scored three new record highs this week, the NASDAQ 100 has been up for the last eight days, with the final three being all-time records. For next week the major focus will be on the Fed and the rate decision on Wednesday afternoon. As such, one could expect a muted market leading up to that decision, and then well see the markets reaction. For TSP TIPS it was a nice week across the board as the S, C, I and F funds all made two or more new record highs, and all four making new all-time highs on Thursday. The three equity funds (S/C/I) remain at maxed out Composite Scores, with the Performance Ranking leaderboard showing S at the top followed by C and I. As such we recommend no changes to our current investment mixes. Mutual Fund Window (MFW) TIPS continues to look strong with a 100% allocation in the ProFunds Ultra NASDAQ 100 (UOPIX) fund.