Stock Market Update Thursday August 15, 2024

Stock Market Update Thursday August 15, 2024 Today, equities staged a robust rally, fueled by stronger-than-expected retail sales data that highlighted the continued strength of consumer spending. The S&P 500 gained 1.6%, while the Nasdaq Composite and Russell 2000 both climbed approximately 2.3%.

This week's 3.7% gain for the S&P 500 puts it on course for its best weekly performance of the year. The yield on the U.S. 10-year Treasury note surged above 3.9% following the retail sales report, reflecting increased market expectations for a potential shift in monetary policy.

Consumer discretionary stocks led the market, rising 3%, with the technology sector close behind, advancing 2.6%. Ulta Beauty was the top performer in the S&P 500, soaring 11% after a regulatory filing revealed that Warren Buffett’s Berkshire Hathaway took a $266 million stake in the company during the previous quarter.

Other notable gainers included Super Micro, On Semiconductor, and Micron, all of which rose more than 6%. The SMH semiconductor ETF also saw strong gains, closing up 4%.

Cisco experienced one of its best days since 2020, jumping 6.8% after posting better-than-expected earnings in its report released yesterday after the close. Walmart shares rallied 6.6% following an earnings beat and an upgrade to its full-year outlook.

The so-called “Goldilocks” economic scenario—where inflation moderates while the economy avoids slipping into recession—has regained traction in light of robust retail sales data and lower-than-anticipated jobless claims.

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