The Stock Market Continues to Chill Out

The stock market is up modestly today. As I write this, the S&P 500 is up 0.22%. I think this is a continuation of the “chilling out” theme I’ve discussed. Those big daily changes seem to have gone away, for now. Of course, they can return at any time.

Energy is the big outlier today. The XLE is up over 3% today while the rest of the market is mostly flat.

The stock market traditionally gets a nice lift at the middle of the year. June 29 has been the historic turning point. Nearly half of the Dow’s average annual gain has come between June 29 and September 6.

There’s no guarantee, but that’s the long-term average.

Not much econ news this morning. Pending home sales rose by 0.7% in May.

I recently had a fun chat with Michael Gayed. You can listen to it here.

Posted by on June 27th, 2022 at 11:19 am


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