SPX Overtakes Key Level as Stocks Eye Modest Weekly Wins

Trade deficit data was also making headlines

Managing Editor
Jun 9, 2023 at 3:02 PM
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It was a fairly muted week on Wall Street, with little economic data or large earnings reports of note. The S&P 500 Index (SPX) hovered around 10-month highs throughout the week as it consolidated below the key 4,300 level before finally jumping above it on Friday, while the Nasdaq Composite (IXIC) hit 12-month highs, and the Dow Jones Industrial Average (DJI) traded choppy. Wall Street's "fear gauge," the Cboe Volatility Index, meanwhile, hit three-year lows. For the week, all three indexes are eyeing modest gains.

In other news, Wednesday data showed the U.S. trade deficit surging 23% to $74.6 billion in April, its highest level since this last October. Plus, jobless claims hit their highest level since October 2021. 

Best & Worst Stocks to Watch This Month

We had another week of uncovering the best and worst stocks to buy (or avoid) for the remainder of this month. Travel stocks United Airlines (UAL), American Airlines (AAL), and Marriott International (MAR) landed on our Chart of the Week as three names to avoid. Booking (BKNG) also isn't looking like a good June bet for bulls, while Tesla (TSLA) and ResMed (RMD) might be a nicer option to add to your portfolio.

GameStop Stock Stumble Triggers Meme Buzz

GameStop (GME) was making headlines earlier this week, after the company fired its fifth CEO in five years and logged its worst daily performance since 2021. This sent three meme stocks toward volatile daily moves, including movie theater giant AMC Entertainment (AMC).

And while earnings season has wrapped up, we thought it'd be a good idea to give some coverage on what our Cincinnati-based peers turned in when they entered the confessional. Most noteworthy, blue-chip Procter & Gamble (PG) hiked its full-year forecast back in April and logged a fifth consecutive quarterly gain.

 

All Eyes on Fed Rate Decision Next Week

Looking ahead to next week, all eyes will be on Wednesday's Federal Reserve interest rate decision, and a few stray earnings reports. Also worth checking out is Senior V.P. of Research Todd Salamone's outlook on long-term significance of last week's SPX rally, and Senior Quantitative Analyst Rocky White's take on historic market performance following poor breadth.

 

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