Stock Market Weekly update -Jun 28
We saw a big drop on Tuesday morning in the SPX and the Nasdaq, closing on Friday at an even lower level, making it a 4th week below the 9 week rally high. Tuesday’s selloff was triggered by a 10% drop in the Korean index (KOSPI ). However the DOW and Small-caps closed at new all time highs, indicating a rotation away from the previous high fliers. Apple dropped after announcing a price increase in their computers. The Semis had a big drop in spite of great earnings from MU. Oil dropped for another week to around $70. Gold also dropped for yet another week as the Dollar continued to rally! Healthcare (XLV) was the outstanding sector last week, while Tech was the worst performer! GOOGL joins the DOW on Monday! Also SPCX joined the Russell 1000, and will join the Nasdaq next Monday. Markets will be closed on Friday for the July 4th holiday. Nasdaq Composite posts fifth losing session Friday as chip stocks tumble (PCE) Core inflation rate hit 3.4% in...