US Markets Update – Flying around new lifetime high
US Markets Update – 2024 Week12 Update/Recap
US Markets Update – During the 12th week of 2024, all the major indices rose and after taking cues from FOMC Statement, 10-year, 20-Year and 30-Year US Treasury Yield Rates came back from near highest level of 2024. Nasdaq Composite, S&P Composite and DJIA, benchmark indices reclaimed All-Time high levels.
Broadly, tech stocks like NVIDIA, GOOGL, META, MSFT rose sharply between 3%-7.5% and supported the NASDAQ to close at all time high level i.e. 16428.82. On the other hand, small cap stocks too rose sharply during week 12. Notably, in Week 11, Small Cap stocks index saw bleeding and gave up more than 2%. Russell Index for small-cap i.e. RUT (Russell 2000) closed 1.602% higher on weekly basis.
Other important Russell Indices such as RUA (Russell 3000) Global index and RUI (Russell 1000) for large-cap rose by 2.255% and 2.291% on weekly basis respectively.
US Markets Update – Summary of the 2024 Week 12:
US Markets Update – Among Global indexes, all the indices rose sharply in Week 12 reversing the trend just a week before.
NASDAQ Composite Index rose by 2.853% i.e. (455.65 points) this week and closed at all-time higher level i.e. 16428.82.
S&P500(SPX) rose by 2.288% (117 Points) this week and closed near all-time higher level i.e. 5234.18.
On YTD basis, NASDAQ need just 83.53 points to attain a gain of 10% from 2023 closing levels. Similarly, S&P500(SPX) need just 13 points to attain a gain of 10% from 2023 closing levels.
DJIA (US30) rose by 1.965% i.e. 760.87 points to close at 39475.64 level which is also near All Time high level.
RUSSELL3000 (RUA) Global index rose by 2.255% (66 Points) ,
RUSSELL1000 (RUI) Large Cap index rose by 2.291% (64 Points) and
RUSSELL2000 (RUT) Small Cap index rose by 1.602% (32.67 Points) during the past week.
US Markets Update – Key heavy-weight stocks that ROSE on weekly basis:
- NVDA (NVIDIA CORP) rose by 64.53 USD (7.347%) to close at 942.89 $ per share
- META (META PLATFORMS) rose by 25.48 USD (5.263%) to close at 509.58 $ per share
- MSFT (MICROSOFT CORP.) rose by 12.32 USD (2.959%) to close at 428.74 $ per share
- GOOGL (GOOGLE) rose by 9.59 USD (6.793%) to close at 150.77 $ per share
- AXP (AMEX) rose 7.50 USD (3.433%) to close at 225.96 $ per share
- TESL (TESLA INC.) rose by 7.26 USD (4.438%) to close at 170.83 $ per share
- MRK (MERCK&CO) rose by 2.33 USD (1.917%) to close at 123.85 $ per share
US Markets Update : Among the key heavy-weight stocks that FALL on weekly basis are:
- AAPL (Apple Inc.) declined by 0.34 USD (0.197%) to close at 172.28 $ per share
US Markets Update : Among the small-cap stocks that remained active on weekly basis are:
Small Cap stocks gained past week:
- LUNR (INTUITIVE MACHINES INC.) gained by 16.576% to close at 6.40$ per share
- SG (SWEETGREEN INC.) gained 13.12% to close at 25.09$ per share
- HEAR(TURTLE BEACH CORP) gained 12.849% to close at 17.39$ per share
- COHR (COHERENT) gained 7.726% to close at 63.3$ per share
- AVNW (AVIAT NETWORK) gained 7.63% to close at 37.24$ per share
- TTMI (TTM TECHNOLOGIES) gained 4.048% to close at 14.65$ per share
- TDS(TELEPHONE AND DATA SYSTEMS) gained by 1.944% to close at 15.73$ per share
- ROOT (ROOT INC.) gained 1.645% to close at 53.76$ per share
- SWBI (SMITH & WESSON BRANDS INC.) gained 0.798% to close at 17.68$ per share
Small Cap stocks declined past week:
- COCH (ENVOY MEDICAL INC.) lost 26% to close at 3.7$ per share
- HOLO(MICROCLOUD Hologram) declined by 24.417% to close at 4.86$ per share
- JMIA (JUMIA TECH AG) lost 18.84% to close at 5.6$ per share
- AISP (AIRSHIP SI HOLDINGS INC.) lost 12.558% to close at 9.4$ per share
- NNOX(NANOXIMAGING) declined by 12.152% to close at 9.47$ per share
- COGT (COGENT BIO, Inc.) declined by 9.362% to close at 6.39$ per share
- TRUP(TRUPANION) declined by 5.42% to close at 25.65$ per share
- MINM (MINIM INC.) declined by 4.553% to close at 6.08$ per share
- PACB(PACIFIC Biosciences Inc.) declined by 2.9% to close at 3.68$ per share
- XPOF (XPONENTIAL FITNESS INC.) declined by 0.524% to close at 15.19$ per share
Airship AI Holdings, Inc. (NASDAQ: AISP) shares lost 12.558% to close at 9.4$ per share. Airship AI Holdings Inc. is a proven leader in AI-driven video, sensor, and data management surveillance solutions. The company has been awarded a high value multi-year software and services contract by an agency within the Singapore Government for the Company’s Acropolis Enterprise Sensor Management video and data management platform supporting emerging public safety requirements.
Paul Allen, President of Airship AI said, “This award was a highly competitive effort led by our regional partner Miltrade Technologies Pte Ltd who is deeply imbedded and works closely with government and public safety agencies across the region. In support of the agency requirements, Airship worked closely with multiple technical solution providers to integrate a diverse set of sensors and edge technologies, allowing the agency to ingest, manage, and securely stream video and sensor data in highly challenging operational and networking environments.”
US Markets – 2024 YTD change on the key Indices
NASDAQ Composite, DJIA and S&P 500 index reached at and around life time highs during past week. On the basis of YTD, change in 2024 are:
- S&P500 (SPX) UP by 464 Pts i.e. 9.735% at 5234 (2023 Closing level 4769.83) near its historic high.
- Nasdaq Composite UP by 1417.47 Pts i.e. 9.443% at 16428.82 (2023 Closing level 15011.35).
- Russell1000 (RUI) UP by 246 Pts i.e. 9.39% at 2868.36 (2023 Closing level at 2622.14) rep. Large Cap stocks.
- Russell3000 (RUA) UP by 247.37 Pts i.e. 9% at 2995.58 (2023 Closing level at 2748.21) representing Global US stocks.
- Dow Jones (DJIA) UP by 1786.10 Pts i.e. 4.739% at 39475.64 (2023 Closing level 37689.54).
- Russell2000 (RUT) UP by 44.92 Pts i.e. 2.216% at 2072 (2023 Closing level 2027.07) rep. Small Cap Stocks.
US Markets update – US Bond Yields since 2024 beginning
All the 3 major bond yields – 10 Years, 20 Years and 30 Years closed above 4.2% improved a little bit after Fed statements were released this week.
Yield Curve Trend in 2024 (Courtesy: ustreasuryyieldcurve.com)
What’s the buzz this week from key economic indicators?
US Markets Update: On economic indicators front, the news/updates created mixed sentiments among investors (bulls and bears):
The Federal Open Market Committee’s (FOMC) projected during its meeting held on December 12–13, 2023, funds rate only falling to range of 3.75%-4% by 2025 ending, a 0.25 point higher than their previous estimate. The FOMC members also upwardly revised their estimates for how fast the economy will grow, with a 2.1% increase in gross domestic product seen this year, up from 1.4% in their December projections.
“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent” the FOMC said in a statement using language identical to its previous statement in January.
Despite hotter than expected inflation reports in previous 2 months of 2024 i.e. January and February, the outlook for rate cuts this year didn’t change. Fed chair Jerome Powell said that while he wasn’t dismissing those reports, they didn’t alter the big picture. “I think they haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes-bumpy road toward 2%,” he said. “I don’t think that story has changed. I also don’t think that those readings added to anyone’s confidence that we’re moving closer to that point.”
The Federal Reserve held its key interest rate at a 23-year high, keeping upward pressure on borrowing costs for many forms of credit. The FOMC’s projections reflect cautious optimism about economic growth, while keeping a close eye on inflationary pressures.
Key economic indicators to watch in next week
In the next week 13 (24 – 30 Mar, 2024), traders will be watching out following key events:
- New Homes Sales (Feb)
- CB Consumer Confidence (Mar)
- GDP QOQ for Q4
- Core PCE Price Index
Credit: Investing.com: Economic-Calendar
