This year, the NASDAQ's impressive performance can be largely credited to the success of just seven companies. Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia collectively account for 84% of the index's upside this year.
The NASDAQ has risen over 20% this year in the first 100 trading days of 2023. This marks only the 5th time in its history dating back to 1971 that the index has achieved this level of gains within that timeframe.
Congress agreeing to increase the debt ceiling is good news for the stock market. Since 1960 the debt ceiling has been raised a total of 78 times, including in 2011 and 2013. In those two years, the market rose 9.7% and 20.7% in the 12 months following the debt ceiling increase.
New home sales recorded an 11.8% year-over-year increase in April. This brought an end to a 13-month streak of negative growth, which was the longest such streak since the record-breaking 46-month downturn experienced in the Great Financial Crisis of 2008-09.
Advisorpedia - "Stocks Up, but Breadth Stinks"
MFS - "Beyond the News"
Blackrock - "Student of the Market"
Economic Calendar
Monday:
S&P U.S. services PMI (May), Factory orders (Apr), ISM services (May)
