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Weekly Market Recap

May 26, 2023

The tech-heavy Nasdaq index surged Thursday following blowout results and guidance from chipmaker Nvidia. Momentum carried into Friday helping the broader-based S&P 500 index finish the week up 0.3%. Friday’s economic reports included durable goods orders and consumer spending both increasing month over month, a signal that economic conditions are still trending upwards. Personal consumption expenditures (PCE) for April also came in slightly higher than expected. With this being a favored metric for the Federal Reserve, the odds of another 0.25% interest rate hike in June increased to 65%. Negotiations continue in Washington D.C. as lawmakers work on a potential 2-year deal to raise the debt ceiling ahead of a June 1 default deadline. Next week we will be watching the monthly jobs report, where unemployment is expected to remain historically low. As a reminder, U.S. markets will be closed on Monday in observance of Memorial Day. We hope you have a happy and safe Memorial Day weekend and if you have a friend or family member who could benefit from our planning, investment, and/or tax services, please direct them to https://mybuckingham.com/contact.

Jim Brown, CFA, MBA
Senior Portfolio Manager & Research Analyst

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