Weekly Market Report for June 26-30, 2023

Weekly Market Report for June 26-30, 2023
  • Markets
    • Dow Jones Industrial Average   +2%
    • S&P 500   +2.4%
    • Russell 2000   +3.7%
    • NASDAQ   +2.1%

All U.S. domestic equity markets finished the week higher. Consumer confidence hit the highest level since the beginning of 2022. When consumers are confident, we spend which boosts the economy and the markets. Durable goods orders exceeded expectations which shows a rebound in manufacturing activity. If manufacturing increases workers will be needed which should add a boost to the labor market. Additionally, the 23 largest lenders passed the Federal Reserves stress test this week. The stress test serves as a way to determine how much capital banks need to set aside during times of trouble. During its test, all top lenders were able to withstand what the Fed refers to as a severe global recession and dips in the housing market. Ultimately, this displayed resiliency among the banks and boosted stock markets.

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