Check Point Software Technologies (CHKP) Stock Forecasts

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With another month and a quarter under its belt, there seems to be nothing to complain about when it comes to the performance of the major mega-cap stock indices. But look beneath the surface and it’s a more complicated story. So far, Information Technology has been putting the major indices on their backs and rallying. Can it keep going? Most earnings-based market research suggests yes. The S&P 500 rose 3.5% in June, 3.9% in Q2 and 14.5% year to date. The Nasdaq saw a monthly gain of 6%, a Q2 pop of 8.3% and a YTD gain of 18%. The Nasdaq 100 (QQQ) rose 6.5% in June, 8% in Q2 and 17% YTD. It was a mixed bag for the S&P MidCap 400 (MDY), which fell 1.7% in June and lost 3.5% in Q2, but is still up 6% so far in 2024. Meanwhile, the poor small caps just can’t seem to get a consistent bid, with the Russell 2000 (IWM) down 1% in June, down 3.3% in Q2, and up a relatively pathetic 1.6% so far in 2024. June saw a very concentrated market, as Information Technology (XLK) rose 7.8%, Discretionary (XLY) rose almost 4%, Communication Services (XLC) rose 3%, Real Estate (XLRE) rose 2%, and Healthcare rose 1.8%. The other six sectors all fell for the month, with Utilities (XLU) taking a 5.5% hit. IT leadership was