Equities again notched records with the S&P 500 pacing gains adding 0.25% followed by the Dow up 0.15% and the Nasdaq registering another record up 0.03%. The Small Cap. Russell 2000 was also higher along with Crude Oil. NVDA surpassed MSFT as the largest US stock and the Philadelphia Semiconductor Index (SOX) hit a record on strength from a host of names including QCOM, MU and Arm Holdings.
Slightly softer than expected retail sales keep the policy speculators leaning toward cuts. Tomorrow is a market holiday, and Fed comments Tuesday afternoon didn’t offer anything to dislodge the prevailing AI momentum.
Cyclical sectors outperformed Growth in muted pre-holiday trading.
Eco Data Releases | Tuesday June 19th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 06/19/2024 07:00 | MBA Mortgage Applications | 14-Jun | — | — | 15.60% | — |
| 06/19/2024 10:00 | NAHB Housing Market Index | Jun | 46 | — | 45 | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Tuesday June 19th, 2024
Major US exchanges are closed in observance of Juneteenth National Independence Day
Worldwide Wednesday
Domestic markets may be closed, but a quick look at the global MSCI country indices helps us keep focus on the best performing international markets. Over the past 12 months the S&P 500 has outperformed the global benchmark MSCI All-Country World Index by +7.68% net of dividends. EM has lagged by 11% and DM has lagged by 12%. Key take-away being, it is hard to find ex-US large cap. stocks that outperform the US market in 2024.
As our charts below point out the best space to be is in the S&P 500. Within Developed markets the strongest countries indices are Denmark, The Netherlands and Japan. Among EM countries, Argentina is correcting, but Taiwan and India are showing strong upside momentum.
