Inflation Data, Fed Decision Highlight Mixed Week

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) marked record closes throughout the week, while the Dow Jones Industrial Average (DJIA) fared quite differently, finishing most daily sessions lower. Inflation data was a highlight, with both Wednesday's consumer price index (CPI) and Thursday's producer price index (PPI) readings coming in cooler than expected. Plus, the Federal Reserve kept interest rates unchanged, while the central bank lowered its 2024 rate-cut expectations to one from three. For the week, the Dow slipped into the red, while the S&P 500 and Nasdaq enjoyed healthy gains.

Stocks Hitting Record Highs

KKR & Co (KKR), CrowdStrike (CRWD), and GoDaddy (GDDY) are set to join the S&P 500, while Arm Holdings (ARM) will join the Nasdaq-100 Index (NDX), effective June 24. All stocks hit record highs after the news, while CRWD, in particular, has support in place ahead of the event. Pharmaceutical giant Eli Lilly (LLY), tech concern Oracle (ORCL), and footwear name Birkenstock (BIRK) all traded at all-time highs this week as well.  

Tech News This Week

Apart from ARM's highs, there were a few more updates from the chip sector as well. Broadcom (AVGO) announced a strong fiscal second-quarter report, as well as a 10-for-1 stock split, while Advanced Micro Devices (AMD) was downgraded to "equal weight" from "overweight" at Morgan Stanley. Much of the news from this sector is brought back to artificial intelligence (AI), in which Apple (AAPL) announced a new partnership with ChatGPT on Monday. 

Looking at e-commerce stocks next, we zoomed in on Maplebear (CART), eBay (EBAY), and Sea (SE) this week, while J.P. Morgan Securities initiated coverage on Shopify (SHOP) with an "overweight" rating. 

What's Coming Up Next

The market will be closed in the middle of next week for the Juneteenth holiday, but there is plenty of economic data scheduled around it, as well as Fed speeches that will give a bit more insight into the central bank's plan this year. In the meantime, here are two support levels to keep in mind, per Schaeffer's V.P. of Research Todd Salamone, while Schaeffer's Senior Quantitative Analyst Rocky White notes large cap outperformance this year and whether or not it will continue.