Happy Memorial Day! Hope you are all doing well. There is no theme this week because it was a light week for news, so my update will be brief.
Stocks overcame a shaky start to the week, turning positive on Wednesday as the S&P 500 recorded its eighth weekly gain in a row. That is the longest streak since late 2023. The Dow outperformed, eclipsing its historic peak set more than three months earlier. At Friday’s close, the S&P 500 and the NASDAQ were slightly below the record levels they set on May 14. The outsized impact that mega-cap tech companies are having on the broader market’s earnings became more apparent. NVIDIA, the last of the so-called Magnificent Seven stocks, reported quarterly results this week. Those seven firms recorded average first-quarter earnings growth of 63%, versus 17% for the other 493 companies in the S&P 500 Index. For the Mag 7, it was the highest quarterly growth rate in nearly six years. It is hard to say that the price movement in these stocks is unwarranted, given their continued excellent results.
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