S&P 500 Index (SPX) - Daily Chart - Jun 1-30, 2023 (Source: Tradingview)

June 1, 2023

The month began on an encouraging note in the world of stocks. The Dow Jones surged upwards by 153 points while the S&P ascended 0.98%. Not trailing behind, the Nasdaq ended the day with a 1.31% rise. The progress in debt conversations was welcomed by consumers as the house successfully passed a bill addressing the debt ceiling. The event led to an upward swing for cyclical stocks, while other less cyclical stocks suffered a drag.

June 2, 2023

Stocks sprinted energetically towards the end of the week, with all the major averages rallying in response to an exceeding-expectations jobs report. The Dow Jones witnessed a leap of 701 points, while the S&P and Nasdaq increased 1.45% and 0.73% respectively. The unexpected robustness of the jobs report acted as a reassurance for investors, emphasizing the strength of the labor market despite looming recession fears.

June 5, 2023

The week opened on a weak note on Wall Street, with the indexes concluding the trading session close to their session lows. The Dow Jones fell by 200 points and the S&P registered a 0.20% decline, but the tech-driven Nasdaq managed a modest gain of 0.07%. Despite the overall descent, the indexes, propelled primarily by mega-cap stocks, ascended about 20% from their October lows, technically ushering the market into bull market territory.

June 6, 2023

The stock market exhibited a choppy trade pattern. Cyclical stocks kept the market afloat, continuing the rally started the previous week. The Dow Jones ended with a minimal rise of 10 points, trading almost flatline alongside the Nasdaq, which gained a mere 0.01%. The S&P, however, saw a slightly higher growth of 0.24%. In contrast, crypto assets tumbled following the SEC's designation of the company as an unregistered exchange and broker.

June 7, 2023

Cyclical stocks continued their upward journey, while the mega-cap related stocks descended, resulting in a mixed market this Wednesday. The Dow Jones was the sole average registering a win, buoyed by cyclical stocks, whereas the S&P and Nasdaq suffered declines of 0.38% and 1.75% respectively, owing to the receding mega-cap names. The current rotation of market propelling stocks suggested that the market was digesting gains and showcasing the resilience of economically sensitive stocks amid potential instability stemming from the rotation.

June 8, 2023

The market amplified its gains from the early days of June with the major averages ticking higher during the trading session. The Dow Jones rose by 168 points, with the S&P gaining 0.62%, and the Nasdaq closed with a robust 1.27% growth. Higher-than-anticipated jobless claims which hinted at a cooling labor market gave a boost to tech stocks and ignited hopes for a pause in rate hikes.

June 9, 2023

The week concluded on a positive note, with all major averages notching modest gains and finishing in the green. The Dow Jones climbed a notable 43%, while the S&P drifted upwards by 0.12%, and the Nasdaq rose by 0.30%. As the market finally entered bull territory, small-cap stocks participated in the subdued rally steered by cyclicals.

June 12, 2023

The market took a leap forward, anticipating factors that will determine the future direction of stocks. The Dow Jones soared by 189 points, accompanied by the S&P's rise of 0.69% and a substantial 1.76% growth of the Nasdaq during this trading session. Tech and consumer discretionary sectors led the day, with semiconductor stocks and Tesla doing the heavy lifting for each sector, respectively.

June 13, 2023

Fueled by hopes for easing inflation, stocks charged ahead with a fresh batch of inflationary data. The Dow Jones increased by 145 points, the S&P climbed by 0.69%, and the Nasdaq traded 0.79% higher. Consumer prices displayed a tame read that aligned with estimates, demonstrating a slowdown in inflation. This added to the hopes of a soft landing scenario.

June 14, 2023

Major averages showcased a choppy trade pattern. The Dow Jones recovered from a 400-point dip to end down by 232 points, while the S&P traded flat, registering a slight 0.08% gain. Meanwhile, the Nasdaq rose by 0.70% during this session. The Federal Reserve decided to pause rate hikes, also predicting two quarter-point hikes in the upcoming months. A soft landing appears likely, but despite most of the Federal Reserve agreeing on a July rate hike, uncertainty persists.

June 15, 2023

The market veered into green territory, with the IPO market taking center stage for the day. Dow Jones stocks ascended 428 points, and both the S&P and Nasdaq recorded moderate rises of 1.22% and 1.20% respectively in this trading session. Kava, a restaurant chain, made its debut on the New York Stock Exchange and swiftly doubled in price, potentially rejuvenating the IPO market, which had been stagnant for the previous year and a half.

June 16, 2023

Wall Street rounded off a successful week with slight losses, which didn't push the major averages out of the green territory. Dow Jones stocks fell by 108 points, the S&P slipped by 0.37%, and the Nasdaq dipped by 0.67% this Friday. Cyclical stocks lent a helping hand to the market in this somewhat turbulent week, with industrials and transportation sectors rising simultaneously.

June 20, 2023

The week began with stocks taking a downward turn, with the S&P coming off its best week since March. The Dow Jones suffered a loss of 245 points, and the S&P dropped 0.47%, whereas the Nasdaq managed to limit its fall to a mere 0.09%. Investors, who believed that the market was starting to be overbought, welcomed this drawback.

June 21, 2023

The stock market continued its downward trend, but the major averages managed to float slightly higher before the session's end. Dow Jones stocks fell by 102 points, accompanied by the S&P losing 0.52% and the Nasdaq dipping 1.35%. Federal Reserve Chair J. Powell reaffirmed his stance on increasing interest rates more before the year's end, which resulted in a tumble for tech stocks.

June 22, 2023

A choppy yet quiet day unfolded on Wall Street. The Dow Jones edged up by a negligible 4 points, the S&P ascended by a modest 0.37%, and the Nasdaq outperformed a little with a 1.18% gain this Thursday. Tech stocks reclaimed their leading position, leaving cyclical stocks behind as the rising interest rates began to impact the rate-sensitive stocks.

June 23, 2023

Wall Street concluded a loss-filled week, with the major averages plunging even further this Friday. The Dow Jones was down by 219 points, the S&P declined by 0.77%, and the Nasdaq traded 1% lower for the day. The market assumed a defensive stance for the week, with healthcare and consumer staples sectors delivering the best performance.

June 26, 2023

The week began with a mixed performance in stocks, with potential summer stagnation looming over the market. The Dow Jones fell by a minuscule 12 points, while the S&P decreased by 0.45%, and the Nasdaq suffered a greater loss of 1.36%. Concerns began to mount in the tech sector with apprehensions over mega-cap tech names and signs of topping out apparent in semiconductor stocks.

June 27, 2023

The stocks climbed higher this trading day, with the Dow Jones ending close to the session highs and tech stocks giving the Nasdaq a boost. The Dow Jones gained 212 points, the S&P ascended by 1.15%, and the Nasdaq witnessed a significant rise of 1.75%. The market received a lift from a surge in home sales and durable goods orders, which helped elevate consumer confidence for the day.

June 28, 2023

Today, stocks took a dip, with the Dow Jones falling by 73 points, the S&P remaining flat, and the Nasdaq managing a meager 0.03% gain. Despite the market's search for reasons to climb higher, uncertainty surrounding interest rates is casting a shadow. This sentiment was reinforced when Federal Reserve Chair Jerome Powell, speaking before a panel of World Bank leaders, did not rule out the possibility of back-to-back rate hikes in upcoming FOMC meetings, putting a damper on market sentiment. Adding to the market's troubles, the U.S. government announced it's considering imposing semiconductor export restrictions on China, leading to a slump in chip stocks.

June 29, 2023

On the second to the last day of the quarter, stocks saw an uptick. The S&P climbed by 0.4% on the back of a strong showing from banks and industrials, while the Nasdaq remained flat due to underperformance from tech stocks, and the Dow Jones saw a marginal rise of 0.07%. Banking stocks saw an upward trend as the Federal Reserve declared that all major banks had passed the Fed's stress test. As the quarter came to a close, Wall Street began bracing for tomorrow's data release - the Personal Consumption Expenditure (PCE) for May, which is the Federal Reserve's preferred measure of inflation.

June 30, 2023

Stocks ascended on Friday, as Wall Street aimed to cap off a spectacular start to 2023 and the latest inflation data showed a continued easing trend. The Dow Jones Industrial Average gained 210 points or 0.6%, the S&P 500 climbed by 0.9%, and the Nasdaq Composite advanced by 1.2%. Wall Street was met with more encouraging inflation news. The core personal consumption expenditures (PCE) price index for May, closely monitored by the Federal Reserve, rose less than expected. Core PCE witnessed a 4.6% increase from a year ago, falling below the 4.7% economists had anticipated.