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Juneteenth’s shortened trading week saw all five major markets close higher, with the Dow Jones Industrial Average leading the way with a nearly 1.5% gain.

The major markets ended the Memorial Day week with losses, but the S&P 500 gained 4.8% for the month, its second-best of the year.

Last week saw mixed market results: the Nasdaq rose 1.4%, the Dow Jones fell 2.3%, and the S&P 500 stayed flat. The Nasdaq and S&P 500 hit new highs.

NVIDIA released their earnings last Wednesday, beating both revenue and net income estimates by about 20%. This caused their stock price to jump over 16%.

S&P 500 reached a new all-time closing high despite Tesla dropping 13.6 percent after disappointing earnings results and forward-looking guidance.

The Major Markets closed out 2023 with one last week of gains. For the S&P 500, this marked the ninth consecutive week of advances. This is the longest stretch of positive performance for the S&P 500 since 2004.
2023 had a total of 32 positive weeks and 20 weeks with losses. Altogether, the S&P 500 closed out the year with a gain of 24.23 percent. This was second to the Nasdaq which added an impressive 43.42 percent return for the year.

Economic news was mixed last week. Existing homes sales came back slightly below estimates, while new home sales slightly exceeded them. The housing market continues to be impacted by a reduced inventory of homes as well as higher interest rates.
As of Thursday, Freddie Mac reported that the 30-Year Fixed Rate Mortgage Average in the United States hit a 22-year high at 7.23 percent. The last time that the 30-year fixed rate was this high was in June of 2001.