This week, the bulls in the market achieved their desired outcome with cooler inflation data and record highs. The Dow Jones Industrial Average closed above 40,000 for the first time, ending the week with a 1.24% increase. The S & P 500 and Nasdaq Composite also reached all-time highs fueled by favorable inflation data released earlier in the week. While the indexes had mixed movements towards the end of the week, they finished slightly below their Wednesday peaks. The S & P 500 saw a 1.54% increase, and the Nasdaq climbed 2.1% for the week, entering extremely overbought territory.
To maintain discipline, the Club made some adjustments to its positions during the week. Shares in Morgan Stanley and Palo Alto Networks were trimmed after seeing significant gains in both stocks. Conversely, additional shares of Estee Lauder were purchased after positive signs were observed in the cosmetic retailer’s China market. The top five stocks in the Club’s portfolio experienced various movements throughout the week, with some notable performers like Palo Alto Networks, Danaher, Broadcom, Alphabet, and Apple.
Palo Alto Networks (PANW) led the weekly gains with a 6.9% increase as cybersecurity stock continues to outperform. Danaher (DHR) followed closely in second place with a 4.9% advance, reaching 52-week highs and benefiting from positive developments in its bioprocessing business. Broadcom (AVGO) secured the third spot with a 4.7% increase, driven by AI-related announcements throughout the week. Alphabet (GOOGL) came in fourth with a 4.4% gain, closing at record highs after Google’s I/O developers conference. Apple (AAPL) rounded out the top five with a 3.7% climb, driven by strong financial performance and a significant buyback authorization.
Despite the challenges and uncertainties in the market, investors remained optimistic as major stocks continued to perform well. The positive earnings reports and strategic partnerships of companies like Palo Alto Networks, Danaher, Broadcom, Alphabet, and Apple have contributed to their growth and success. Investors have also been encouraged by recent developments in the AI sector, with companies like Google making significant advancements. Overall, the week saw bullish momentum with cooler inflation data and record highs driving positive movements in the market. The Club’s strategic adjustments to its portfolio reflect a commitment to maintaining discipline and capitalizing on opportunities for growth.
