Craig Johnson’s

Stock Market Summary

Monday, June 26, 2017

 

  • Significant strength in the healthcare sector and a rebounding semiconductor group pushed the Nasdaq Composite to a nearly 2% gain for the week. The other major market indices finished fractionally higher.
  • The stock market remains very quiet. The lack of volatility has kept the market, as measured by the S&P 500, in narrow daily trading ranges.
  • In the midst of this quiet market, industry group rotation has been anything but quiet. Biotechnology jumped sharply last week gaining over 8%. Technology and semiconductors, which pulled back over the past couple of weeks, made solid moves higher as they look to get back on their upward trajectories. Healthcare has roared back with many stocks in the sector at or nearing highs.
  • The downtrend in the price of oil has been relentless since a recent high near $54 a barrel in the middle of April. Oil has declined five consecutive weeks and is down eight of the last ten weeks. After hitting a low at $42.05 on Wednesday, it managed to close near $43 on Friday.
  • The healthcare sector was the strongest last week gaining over 3.25%, while the energy sector declined almost as much.
  • This week is the final week of trading for the month and the end of the second quarter.
  • The stock market’s short, intermediate and long term trends are higher.

Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases.
 
Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

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