The Nasdaq has returned 33% since April 8 lows.
Two of the leading stock market indexes ended last week at record highs, despite continued trade uncertainty, geopolitical tensions, and rising inflation.
Last week, the S&P 500 gained 3.4% to close at an all-time high of 6,173 on Friday. Since dipping to a recent low of 4,982 on April 8, one week after the Trump tariffs were announced, the S&P 500 has gained about 24%. Year-to-date, the S&P 500 is now up 5.2%, after dropping as much as 15% YTD as of April 8.
The Nasdaq Composite also finished the week at a record high, after gaining 3.1% last week. The Nasdaq closed at 20,273 last Friday, marking a 33% return since the April 8 recent low. The Nasdaq Composite is also up 5.2% YTD, after dipping as much as 21% as of April 8.
The Dow Jones Industrial Average jumped 3.8% last week to finish at 43,819. The Dow is now up 16% since April 8 and 3.4% YTD. The Dow declined as much as 11.5% this year. Its all-time closing high of 45,014 was set on December 4, 2024.
The small cap Russell 2000 index rose 3% last week to end the week at 2,172. The Russell has gained an impressive 23% since its recent low on April 8. Year-to-date, the Russell 2000 Index is still down, off about 2.1%. But it had been down 21% on April 8.
Finally, the S&P 400 midcap index rose 2.6% last to 3,103. It has gained 21.2% since April 8 but is down about 0.7% YTD. The midcap index had been down 17.9% at its worst this year.
Any fireworks this week?
This will be a short week for trading, with the markets closing Thursday at 1:00 p.m. and closing all day on Friday.
There are very few companies reporting earnings this week, as the second quarter earnings season ramps up next week.
The only earnings of note is Constellation Brands (NYSE:STZ), the beer and wine producer whose brands include Modelo and Corona beers. Analysts are anticipating earnings of $3.31 per share. Constellation reports its earnings on Tuesday after the market closes.
In other news, Fed Chair Jerome Powell speaks Tuesday morning in Portugal at an event sponsored by the European Central Bank. Powell addressed both houses of Congress last week and his stance on interest rates did not change a whole lot. Investors will be looking to read the tea leaves for more insight into what the Fed might do at its next meeting on July 30.
Also, this is a big week for jobs. ADP reports private sector employment while the federal jobs report is released Thursday morning.
Will there be any fireworks this week, aside from the July 4 holiday?
