Stock Market Update Friday August 16, 2024

Stock Market Update Friday August 16, 2024 Stocks just closed out their best week of the year, with the S&P 500 gaining nearly 4% and the Nasdaq rallying 5% since Monday. Both indices notched their seventh consecutive day of gains. The S&P 500 is now just 2% off its all-time high reached last month, while the Nasdaq remains around 5% below its record level. On the sector front, Technology led the charge, up more than 7%, marking its best week since 2022. Consumer Discretionary gained 5%, and Financials were up around 3%. Super Micro and Nvidia also delivered strong performances, rising 23% and nearly 19%, respectively. This marks Nvidia’s best week since May 2023. Starbucks was the standout performer, surging over 26% for the week, following Tuesday's announcement that the company is hiring Chipotle’s CEO as its new chief. Conversely, Chipotle was the worst-performing stock, declining by 5%. Walmart saw an 8% rally, marking its best week since 2020, driven by robust earnings.

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