Weekend Update & Market outlook 5_18_24

Weekend Update & Market outlook 5_18_24

May 18, 2024

Weekly Performance of Major Indexes

The major US stock indexes showed mixed performance over the past week. The S&P 500 ETF (SPY) closed at $529.45 on Friday, May 17, 2024, up from $523.28 the previous Friday, marking a gain of 6.17 points or approximately 1.18% for the week14. The Nasdaq-100 ETF (QQQ) ended the week at $452.90, up from $445.93 the prior Friday, resulting in a weekly gain of 6.97 points or about 1.56%2. The Russell 2000 ETF (IWM) closed at $208.08, down from $210.00 the previous Friday, reflecting a loss of 1.92 points or approximately -0.91% for the week3.

Upcoming Economic Reports

Next week, several key economic reports are scheduled that could influence market movements:

  • Tuesday, May 21: Existing Home Sales data for April.
  • Wednesday, May 22: Durable Goods Orders for April.
  • Thursday, May 23: New Home Sales figures for April and the preliminary reading on Q1 GDP growth.
  • Friday, May 24: Personal Income and Spending data along with the PCE Inflation report for April4.

Major Corporate Earnings Announcements

Several major companies are expected to release their earnings reports next week, with dates confirmed on their respective investor relations websites:

  • Wednesday, May 22: Nvidia (NVDA).
  • Thursday, May 23: Costco (COST).
  • Friday, May 24: Salesforce (CRM)5.

This summary provides a comprehensive overview of the stock market's performance over the past week, key economic reports to watch for in the coming week, and major corporate earnings announcements.