SPX: strongly optimistic
The S&P 500 had another steady up-trend week, reaching a new all time highest level on Friday, after the US unemployment data were released. At the level of 5.567 the index is also ending the week, which represents a 0.54% increase from the previous close, and a 16.7% increase for the year. The index opened the week at 5.475 and showed a consistent upward trend. The performance could be attributed to a combination of released economic data and investors sentiment. The unemployment rate in the US reached 4.1% in May and was by 0.1 percentage points higher from the previous month, which gave a signal to investors that the Fed might cut rates in September, as inflator pressures should further slowdown amid weakness in the jobs market.
Aside from released data which investors are treating as positive, there was also positive news from the companies included in the index, which additionally boosted investors sentiment. Tesla had a very good week, whose shares rose by more than 27% for the week. With this gain, Tesla managed to wipe out incurred losses during the year. Strong increase in the price of shares was supported by the reported Q2 vehicle deliveries which were highly above investors estimates. The other tech companies also performed on a positive side, where Apple shares were traded higher by 2%, reaching their all time highest levels. Still, the market's beloved share, Nvidia slid by 2%, on the report over limited growth potential for the chipmaker. Still, Nvidia is ending the week relatively flat.
Aside from released data which investors are treating as positive, there was also positive news from the companies included in the index, which additionally boosted investors sentiment. Tesla had a very good week, whose shares rose by more than 27% for the week. With this gain, Tesla managed to wipe out incurred losses during the year. Strong increase in the price of shares was supported by the reported Q2 vehicle deliveries which were highly above investors estimates. The other tech companies also performed on a positive side, where Apple shares were traded higher by 2%, reaching their all time highest levels. Still, the market's beloved share, Nvidia slid by 2%, on the report over limited growth potential for the chipmaker. Still, Nvidia is ending the week relatively flat.
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