Journal Record Index: Markets mostly end in the black

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It was another positive week for the majority of stocks, but as our trading session ended June 21, 2024, tech darling Nvidia continued to lose some of its shine.

The S&P 500 Index reached another all-time high on Tuesday, as did Nvidia, which was bound to cool off after its stratospheric gain of more than 1000% since October 2022.

The National Association of Realtors (NAR) said that sales of previously owned homes slid in May for the third consecutive month, down 0.7% from April, in what is traditionally the most active time of the year for home sales. NAR said May sales came in at a seasonally adjusted rate of 4.11 million homes; economists expected 4.07 million homes to be sold.

The Commerce Department said that retail sales were nearly flat in May, up 0.1% from April, and April sales were revised downwards, to a 0.2% drop rather than unchanged. Retail sales were up 0.6% in March and 0.9% in February. Gas prices were a primary culprit.

“Consumer spending is cooling in a fairly orderly fashion,” said Jeffrey Roach, chief economist for LPL Financial. “So far, the economy could pull off a soft landing, especially if the Fed is quick to adjust policy as conditions change.”

The Journal Record Stock Index grew by 33.24 points, or 1.49%, and closed at 2,267.02. Advancing issues barreled past declining issues at a 12-to-8 count.

Despite a price target cut, shares of Paycom Software increased 4.62 points, or 3.24%. Investment firm TD Cowen cut its price outlook to $147, from $170, though the rating was kept at “hold.” Analysts cited a cautious approach to the company’s strategic initiatives. PAYC closed at 147.40, and was the top dollar gainer.

Chesapeake Energy shareholders voted in favor of the merger between the company and Southwestern Energy. Southwestern shareholders also approved the deal. Requests by the Federal Trade Commission have slowed the progress of the merger, now expected in the second half of 2024. CHK shed 2.72 points, or 3.19%, and ended at 82.42. CHK was the top-dollar loser.

AAON added 3.32 points, or 4.37%, and was the top percentage gainer. Goldman Sachs Group cut its stake in AAON in the most recent quarter, selling 123,104 million shares in a filing with the Securities and Exchange Commission. Goldman Sachs now owns 624,299 shares of AAON stock valued at $46,117,000. AAON closed at 79.28.