Nasdaq Achieves Best First Half Performance in Over 40 Years

In The News | July 1, 2023

Vigour Times

 

The week, month, and first half of the year on Wall Street concluded with a strong rally on Friday, driven by reports indicating a potential easing of inflationary pressure. The S&P rose by 53 points, or 1.2%, reaching 4,450. Meanwhile, the Dow increased by 285 points, or 0.8%, reaching 34,407, and the Nasdaq saw a rise of 196 points, or 1.4%, reaching 13,787. In June alone, the S&P rose by approximately 6%, marking an impressive 16% increase since the beginning of the year, according to CNBC. The Nasdaq experienced its best half-year start since 1983, surging by about 31%, while the Dow saw a more modest increase of around 4%.

These gains were fueled by a report that indicated a decrease in the preferred measure of inflation by the Federal Reserve during May. Additionally, the report stated that consumer spending growth had slowed down more than expected. Brian Jacobsen, the chief economist at Annex Wealth Management, expressed his belief that the trend of inflation decline and tepid consumption growth suggests a possible end to rate hikes. Lower interest rates have a positive impact on various investments, including stocks and cryptocurrencies. However, high-growth stocks in the technology sector are typically seen as the biggest beneficiaries, and they played a significant role in leading the market.

One such example is Nvidia, which rose by 3.7%. Among a select group of stocks that experienced significant growth this year due to the hype surrounding artificial intelligence software, Nvidia has surged by nearly 190% so far, with an additional 1.8% increase on Friday. Cruise line operators also contributed to the rally, with Carnival leading all stocks in the S&P 500 with a gain of 9.8%, while Norwegian Cruise Line climbed by 4.7%. Travel stocks have been performing well recently, driven by expectations of strong demand as vacationers resume their travel plans. On the other hand, Nike experienced a decline of 2.5% on Wall Street after reporting weaker profits for the latest quarter than anticipated, although its revenue exceeded expectations.

This is just a glimpse of the latest developments in the stock market. For more stories and updates, continue to follow our coverage.

Read the full article.

This website may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. This site operates under the assumption that this not-for-profit use on the Web constitutes a “fair use” of the copyrighted material as provided for in Title 17, Chapter 1, Section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond such “fair use,” you must first obtain permission from the original copyright owner.

As a subject matter expert, Brian Jacobsen, Chief Economist at Annex Wealth Management is often interviewed with individuals not affiliated with the firm. Annex Wealth Management does not have control over the content or opinions expressed by these unaffiliated parties.

Annex Wealth Management, LLC is an investment advisor registered with the SEC doing business as Annex Wealth Management® (“Annex”). The information provided should not be relied upon by the viewer as legal or tax advice, or research or investment advice regarding any investment, nor should it be construed as a solicitation or recommendation to purchase or sell any stock, bond, or other security. This site contains excerpts from Annex’s live, unscripted and extemporaneous broadcasts. Considerable efforts are made to provide a balanced presentation and a sound basis for evaluating the content, however, live broadcasts don’t always lend themselves to a full and fair discussion of all the material facts and investor may want to consider before investing. All items on this site have been previewed by a qualified supervisor at Annex to avoid unqualified, promissory, exaggerated, unwarranted, or misleading statements or claims, including promises of specific future returns or projections of investment performance.