The Dow Jones Industrial Average (DJIA) made history on Friday by closing above the key level of 40,000 for the first time ever. It gained 134.21 points, or 0.34%, reaching 40,003.59, after hitting an intraday high in the previous session. Meanwhile, the S&P 500 edged up 6.17 points, or 0.12%, to 5,303.27, while the Nasdaq Composite ended down 12.35 points, or 0.07%, at 16,685.97.

The week concluded on a strong note, with the Dow rising by 1.2%, marking its fifth consecutive weekly gain. The S&P 500 and Nasdaq also saw gains of 1.5% and 2.1% respectively for the week, marking their longest winning streak since February.

Despite a challenging start, this weekly ascent pushed all three indexes into positive territory for the second quarter. The S&P 500 and Nasdaq are now both up over 11% in 2024, while the Dow has climbed more than 6% this year.

Looking ahead to the coming week, investors will be focused on key economic data releases including the existing home sales report on Wednesday, and the durable goods orders report along with the University of Michigan report on Friday. Additionally, the minutes from the May Federal Open Market Committee (FOMC) meeting will be released on Wednesday, with several Fed officials scheduled to speak throughout the week.

Analysts from Goldman Sachs expect the University of Michigan consumer sentiment index to increase to 67.9 in the final May reading, with long-term inflation expectations remaining unchanged at 3.1%.

Investors are eagerly awaiting earnings reports from Nvidia, Target, and others. While roughly 93% of S&P 500 companies have reported earnings, profits have proven more resilient than expected, with overall earnings up 5.3% and revenue growth at 3.7%.

In terms of market outlook, analysts from Oppenheimer, BTIG, Morgan Stanley, and Evercore ISI offer varied perspectives on the current state of U.S. stocks, highlighting factors such as market trends, earnings forecasts, and the impact of individual company performances on broader indices.

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