June Kicks Off With Jobs Data in Focus

The S&P 500 and Nasdaq notched continuous record highs this week

Deputy Editor
Jun 7, 2024 at 1:00 PM
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Following a strong May on Wall Street, a rather choppy start to June brought repeated record highs for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC). The Dow Jones Industrial Average (DJI) started out the week with a triple-digit loss, but spent the rest of the week in the black. 

Investors paid close attention to jobs data, with the ADP employment report Wednesday, and highly anticipated nonfarm payrolls data Friday. Though stocks turned sharply lower on Friday following the report, they rebounded by midday, with all three major indexes headed for weekly wins.  

Stocks to Watch in June

Schaeffer's Senior Quantitative Analyst Rocky White compiled a list of the 25 best S&P 500 Index stocks to own in June, as well as the 25 worst to own. Electric vehicle giant Tesla (TSLA) is among the best, while travel stocks Booking Holdings (BKGN), Royal Caribbean Cruises (RCL), and Wynn Resorts (WYNN) top the worst list. Switching gears to exchange traded funds (ETFs), SPDR S&P Biotech ETF (XBI) is the top performing ETF in June according to White. Plus, as travel picks up with the summer season, here's an update on three airline stocks

What's Going on in Tech

Nvidia (NVDA) has been the star of the show lately, helping boost the tech-heavy Nasdaq to record highs, and becoming more affordable with a 10-for-1 stock split. The chip giant also unveiled its new artificial intelligence (AI) chips, while several of its peers posted similar updates, including Intel Corp (INTC).

In other news, the cybersecurity sector has been abuzz. SentinelOne (S) has seen plenty of analyst activity, including an upgrade this week. Amid the attention, here are three more cybersecurity stocks, including CrowdStrike (CRWD), which just staged a post-earnings bounce. Meanwhile, Dell Technologies (DELL) is posing an attractive entry point for bulls, while sector peer Hewlett-Packard Enterprise (HPE) just soared to a record high after earnings.  

Fed Decision Next Week

Next week will bring the Federal Reserve's latest interest rate decision, as well as commentary that could give insight into the rate-cut timeline. Meanwhile, per Schaeffer's Senior V.P. of Research, Todd Salamone, the S&P 500 tested support levels and saw a potential trend reversal candle, which could give insight into the coming month. 

 

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