The S&P 500 made the most of this holiday shortened week as it scored four straight days of new record highs, closing at 7,580 on Friday. On Monday the markets were closed, but lets not forget it carried a streak of three consecutive S&P 500 up days from the previous week. On Tuesday gains were driven by shares of Micron Technology, which surged 19% to top $1 trillion in market capitalization for the first time. For the S&P 500, that made it four up days in a row, and the first new record high of the week. On Wednesday the markets took a well-deserved breather, but the S&P 500 did eke out a small gain of just one point, making it five up sessions in a row and the second new record high of the week. Before Thursdays open, the latest inflation reading came in as expected with the Personal Consumption Expenditures (PCE) price index increasing a seasonally adjusted 0.4% for the month, with the 12-month inflation rate at 3.8%. Within 40 minutes after the open the S&P 500 had hit a new intraday record high and by the closing bell made it six up sessions in a row and the third new record high of the week. In extended trading after Thursdays close, shares of Dell Technologies (DELL) surged 38% after the laptop maker raised its full-year guidance and reported a first-quarter beat on both the top and bottom lines. It should also be noted that shares of space related companies have also surged recently in anticipation of the upcoming SpaceX IPO. However, on Thursday evening, Blue Origins New Glenn rocket exploded during a hot-fire test at Cape Canaveral. And then came Friday, the last trading day of May. Blue Origins fallout hit those same space related companies as they had a sector, not company, sympathy sell off (buying opportunity before SpaceX IPO?). However, Dell Technologies was the clear winner as it surged nearly 33%, seeing its best day on record. And lets not forget the S&P 500 as its Friday intraday high was 7,599 (so close to 7,600), as it is now up seven sessions in a row, and that fourth new record high of the week. As a follow on and from a technical perspective, the S&P 500 is now in rare-air, up nine consecutive weeks, which equates to two consecutive up months. All told, in May the S&P 500 was up just north of 5% while the NASDAQ 100 was up just north of 10%. For next week the big news will be the payrolls and unemployment reports on Friday. For TSP TIPS it was an exceptional new record high week!! There were four trading days for each of the three individual funds (C/S/I), for a total of 12 sessions, and 11 of them were new record highs, i.e. almost perfect. While Tuesdays S session was only outlier, the S fund had the best weekly return of the three. And to top it off, all three have Composite Scores maxed out at 100 and within a Performance Rankings range of 0.5%. As we just sent out a new investment mix on Wednesday, it still looks good as we head into June.
The S&P 500 made the most of this holiday shortened week as it scored four straight days of new record highs, closing at 7,580 on Friday. On Monday the markets were closed, but lets not forget it carried a streak of three consecutive S&P 500 up days from the previous week. On Tuesday gains were driven by shares of Micron Technology, which surged 19% to top $1 trillion in market capitalization for the first time. For the S&P 500, that made it four up days in a row, and the first new record high of the week. On Wednesday the markets took a well-deserved breather, but the S&P 500 did eke out a small gain of just one point, making it five up sessions in a row and the second new record high of the week. Before Thursdays open, the latest inflation reading came in as expected with the Personal Consumption Expenditures (PCE) price index increasing a seasonally adjusted 0.4% for the month, with the 12-month inflation rate at 3.8%. Within 40 minutes after the open the S&P 500 had hit a new intraday record high and by the closing bell made it six up sessions in a row and the third new record high of the week. In extended trading after Thursdays close, shares of Dell Technologies (DELL) surged 38% after the laptop maker raised its full-year guidance and reported a first-quarter beat on both the top and bottom lines. It should also be noted that shares of space related companies have also surged recently in anticipation of the upcoming SpaceX IPO. However, on Thursday evening, Blue Origins New Glenn rocket exploded during a hot-fire test at Cape Canaveral. And then came Friday, the last trading day of May. Blue Origins fallout hit those same space related companies as they had a sector, not company, sympathy sell off (buying opportunity before SpaceX IPO?). However, Dell Technologies was the clear winner as it surged nearly 33%, seeing its best day on record. And lets not forget the S&P 500 as its Friday intraday high was 7,599 (so close to 7,600), as it is now up seven sessions in a row, and that fourth new record high of the week. As a follow on and from a technical perspective, the S&P 500 is now in rare-air, up nine consecutive weeks, which equates to two consecutive up months. All told, in May the S&P 500 was up just north of 5% while the NASDAQ 100 was up just north of 10%. For next week the big news will be the payrolls and unemployment reports on Friday. For TSP TIPS it was an exceptional new record high week!! There were four trading days for each of the three individual funds (C/S/I), for a total of 12 sessions, and 11 of them were new record highs, i.e. almost perfect. While Tuesdays S session was only outlier, the S fund had the best weekly return of the three. And to top it off, all three have Composite Scores maxed out at 100 and within a Performance Rankings range of 0.5%. As we just sent out a new investment mix on Wednesday, it still looks good as we head into June.