It was another positive week for the majority of stocks, but as our trading session ended June 21, 2024, tech darling Nvidia continued to lose some of its shine. The S&P 500 Index reached another all-time high on Tuesday, as did Nvidia, which was bound to cool off after its stratospheric gain of more than 1000% since October 2022. The National Association of Realtors (NAR) said that sales of previously owned homes slid in May for the third consecutive month, down 0.
7% from April, in what is traditionally the most active time of the year for home sales. NAR said May sales came in at a seasonally adjusted rate of 4.11 million homes; economists expected 4.
07 million homes to be sold. The Commerce Department said that retail sales were nearly flat in May, up 0.1% from April, and April sales were revised downwards, to a 0.
2% drop rather than unchanged. Retail sales were up 0.6% in March and 0.
9% in February. Gas prices were a primary culprit. “Consumer spending is cooling in a fairly orderly fashion,” said Jeffrey Roach, chief economist for LPL Financial.
“So far, the economy could pull off a soft landing, especially if the Fed is quick to adjust policy as conditions change.” The Journal Record Stock Index grew by 33.24 points, or 1.
49%, and closed at 2,267.02. Advancing issues barreled past declining issues at a 12-to-8 count.
Despite a price target cut, shares of Paycom Software increased 4.62 points, or 3.24%.
Investment firm TD Cowen cut its price outlook to $147, from.
