The huge dispersion in performance among equities continues. The Dow Jones Industrial Average dropped 1% last week, pushing its year-to-date return below the flatline. Meanwhile, the NASDAQ rode huge gains from NVIDIA and other tech stocks to its highest level in over a year. The NASDAQ has risen nearly 24% so far in 2023. Surprisingly, growth factor leadership came despite a 1% rise in the US Dollar index, which closed higher for the third straight week. Interest rates also rose again. Last year, higher yields and a strong Dollar were primary drivers of growth’s underperformance.
The Weekly Grind: May 30, 2023
The Weekly Grind: May 30, 2023
The Weekly Grind: May 30, 2023
The huge dispersion in performance among equities continues. The Dow Jones Industrial Average dropped 1% last week, pushing its year-to-date return below the flatline. Meanwhile, the NASDAQ rode huge gains from NVIDIA and other tech stocks to its highest level in over a year. The NASDAQ has risen nearly 24% so far in 2023. Surprisingly, growth factor leadership came despite a 1% rise in the US Dollar index, which closed higher for the third straight week. Interest rates also rose again. Last year, higher yields and a strong Dollar were primary drivers of growth’s underperformance.