Hello readers,
It's been an eventful week on Wall Street, with tech stocks leading the way as the market rally showed signs of slowing down. The S&P 500 index ended the week slightly down on Friday, but still managed to rally 1.6% overall. The Nasdaq Composite was the standout performer, surging 3.2% for the week, with companies like Nvidia and Apple making significant gains.
One of the key drivers of the market movement was the buzz around artificial intelligence. Adobe, a potential AI beneficiary, reported better-than-expected earnings, leading to a 14% gain and making it the top performer in the S&P on Friday.
While all eyes were on Elon Musk's pay vote at Tesla, which he won, it ultimately had minimal impact on the stock's performance. Cruise operators, however, faced challenges, with softer pricing impacting companies like Norwegian and Carnival, both of which fell more than 7% on Friday.
Amidst all the market dynamics, there were also significant developments in the media and technology sectors. Paramount Global's stock took a hit following a decision to pull the plug on negotiations with Skydance Media, while Apple's foray into artificial intelligence and buy now-pay later lending continued to make waves.
As we look ahead to the coming week, homebuilders Lennar and KB Home are set to report earnings, along with economic data on housing starts and existing home sales. Additionally, U.S. retail sales for May will provide insights into consumer behavior.
Stay tuned for more updates on the latest market trends and developments.
Best regards,
Daniel Silva
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