Stock Market Updates for Friday, June 21, 2024

The stock market saw mixed results on Friday, June 21, 2024, with the S&P 500 finishing lower, the Nasdaq dipping, and the Dow Jones Industrial Average edging up. Despite the slight decline in the S&P 500, the Dow registered its best week since May, rising 1.45%.

Some notable winners in the Dow Jones Industrial Average this week included Salesforce, Amgen, Nike, and Cisco Systems, all posting gains of nearly 4% or more. However, UnitedHealth was the biggest weekly loser in the index, down nearly 3%.

On the tech front, Nvidia, a popular artificial intelligence stock, faced challenges this week, putting an end to its eight-week winning streak. The chipmaker saw a drop of more than 3%, signaling a potential shift in momentum.

In the commodities market, a major gold ETF declined, heading for a losing week as it erased its weekly gains. The SPDR Gold Shares (GLD) was down 1.7% on Friday, erasing its previous gains.

The energy sector led the weekly sector gains, jumping 2.3% amidst increased gasoline consumption and rising oil prices. Other sectors, such as consumer discretionary, also saw positive performance, while utilities and real estate were the only negative sectors for the week.

Overall, the stock market is heading for a winning week, with the Dow leading the gains. However, some sectors and individual stocks faced challenges, highlighting the dynamic nature of the market.