The S&P 500 gave it a good shot trying to make it 10 consecutive up weeks, but fell off at weeks end, closing down at 7,387. On Monday the S&P 500s extended its new record streak to five days in a row, closing less than one point shy of the 7,600 level. However, on Tuesday it did get a 0.13% bump to end above 7,600 for the first time ever and extended that new record streak to six days. After a streak like that, on Wednesday the S&P 500 took a breather and settled back below 7,600. On Thursday the Dow climbed 874.86 points, or 1.73%, to a fresh record close, the S&P 500 added 0.41%, but the Nasdaq 100 slipped about -0.5% as it was weighed down by a rotation out of the technology sector with Broadcom (AVGO) tumbling 12.6%. Before Fridays open the Bureau of Labor Statistics reported that nonfarm payrolls increased by 172,000 in May, well above the expected 80,000 jobs, and the unemployment rate held steady at 4.3%. However, that good news quickly evaporated with the opening bell because of a violent sell-off for chip stocks. The tech-heavy Nasdaq 100 lost 4.8% for its biggest decline since the tariff turmoil of early 2025, and the S&P 500 broke that nine-week winning streak. And to add gas to the flames, Bitcoin dropped below the $60,000 level for the first time since October 2024, down -17.5% on the week. From a technical perspective lets look back to Tuesday, 19 May, when the S&P 500 closed at 7,353. It then ran off a streak of nine straight up days, which included those six new records. While the S&P 500 was down in two of the last three sessions, we did hold above that 19 May 7,353 support level, closing Friday at 7,387. For next week the big news will be Fridays SpaceX IPO, which would be the largest ever. For TSP TIPS we made a fine tune reallocation at the end of May, and all three equity funds (C/S/I) made new record highs on Monday and Tuesday, with the S fund making a third on Thursday. Both the C and I fund prices dropped below their 20 day Moving Average (MA) on Friday, knocking five points off their maxed out Composite Scores of 100, but both remain above their respective 19 May lows. As such we recommend no changes to our current investment mixes.
The S&P 500 gave it a good shot trying to make it 10 consecutive up weeks, but fell off at weeks end, closing down at 7,387. On Monday the S&P 500s extended its new record streak to five days in a row, closing less than one point shy of the 7,600 level. However, on Tuesday it did get a 0.13% bump to end above 7,600 for the first time ever and extended that new record streak to six days. After a streak like that, on Wednesday the S&P 500 took a breather and settled back below 7,600. On Thursday the Dow climbed 874.86 points, or 1.73%, to a fresh record close, the S&P 500 added 0.41%, but the Nasdaq 100 slipped about -0.5% as it was weighed down by a rotation out of the technology sector with Broadcom (AVGO) tumbling 12.6%. Before Fridays open the Bureau of Labor Statistics reported that nonfarm payrolls increased by 172,000 in May, well above the expected 80,000 jobs, and the unemployment rate held steady at 4.3%. However, that good news quickly evaporated with the opening bell because of a violent sell-off for chip stocks. The tech-heavy Nasdaq 100 lost 4.8% for its biggest decline since the tariff turmoil of early 2025, and the S&P 500 broke that nine-week winning streak. And to add gas to the flames, Bitcoin dropped below the $60,000 level for the first time since October 2024, down -17.5% on the week. From a technical perspective lets look back to Tuesday, 19 May, when the S&P 500 closed at 7,353. It then ran off a streak of nine straight up days, which included those six new records. While the S&P 500 was down in two of the last three sessions, we did hold above that 19 May 7,353 support level, closing Friday at 7,387. For next week the big news will be Fridays SpaceX IPO, which would be the largest ever. For TSP TIPS we made a fine tune reallocation at the end of May, and all three equity funds (C/S/I) made new record highs on Monday and Tuesday, with the S fund making a third on Thursday. Both the C and I fund prices dropped below their 20 day Moving Average (MA) on Friday, knocking five points off their maxed out Composite Scores of 100, but both remain above their respective 19 May lows. As such we recommend no changes to our current investment mixes.