Here is a quick recap of Markets for the Week of May 17th, 2024 and what we are watching this week

The big eye-catcher this week was the move above 40,000 for the first time ever for the Dow Jones Industrial Average on its way to a fifth consecutive weekly gain. The DJIA now has gained +6.14% YTD

For the week, the main indices closed as follows:

S&P 500 +1.54% 

Russell 2000 +1.85%

Nasdaq Composite +2.11%

Dow Jones Industrial Average +1.24%

Markets rallied last week on disinflationary signs as key inflation data finally came in slightly cooler than expected after 3 consecutive hotter than expected monthly readings.

Here are the key points from last week:

• April’s Producer Price Index (PPI) - came in slightly hotter than expected at 0.5% vs 0.3% however March’s reading was revised to -0.1% from 0.2%. See the video below explaining why investors reacted positively to this.
  
  - The revision down shows inflation is still downtrending in a longer time frame year-over-year basis.

• April’s Consumer Price Index (CPI) - confirmed the disinflation thesis meeting expectations. So markets rejoiced 📈
  
  - Consumer inflation improved year-over-year, which is important for the Fed to cut rates; however, the disinflation in April is still only a baby step toward the Fed's 2% inflation target, which will leave the Fed stuck in a watch-and-wait mode = being data dependent every month.

• Meme Stock Mania was short lived - Meme stocks: GameStop $GME, AMC Entertainment $AMC, Beyond $BYON, Koss Corp $KOSS surged Monday and Tuesday following the first X post by "Roaring Kitty" in three years however quickly faded towards the latter end of the week.

$SPY: S&P 500 broke through its previous all time highs set back in April on disinflationary concerns.

Now that Bulls regained momentum, how far can this rally go?

For our visual learners, here’s a quick video discussing our watchlist for the week 📽🤓👇

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I do a weekly Markets analysis every Monday at 8:30pm EST via zoom for the Ceni Capital Community This week, I will speaking about the markets breaking out to new all time highs and what it means for the next few weeks along with what stocks I am watching for potential Swing Trades.

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🚨Watchlist 👨‍🏫

🎯 $TGT: Target is set to report earnings after the close on Wednesday. It’s looking to breakout of a falling wedge- earnings should decide if the move will be up or down.

Wall Street expects earnings of $2.05 per share, reflecting no change compared to the same period last year. Revenues are forecasted to be $24.5 billion, representing a YoY decrease of 3.2%.

💾$NVDA: NVIDIA is scheduled to report earnings on Wednesday, will the markets favorite company ignite a Buy in May and stay risk on rally?

NVIDIA has significantly outperformed the broader market over the past 52 weeks gaining +206.5% while the S&P 500 Index ($SPX) has rallied +27.5%. In 2024 alone, shares of NVDA are up +86.7%, compared to SPX's +11.2%

❄$SNOW: Snowflake reports earnings on Wednesday, it sold off sharply the last time it reported back in February and has been basing since. Check out the video above for visual of what we are looking for.

Wall St. expects earnings of $0.17 per share, indicating an increase of 13.3% compared to the year-ago with revenues of $786.95 million, representing an increase of +26.2% year over year.

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