US Markets Update – Off from Lifetime high

US Markets Update – 2024 Week14 Update/Recap

US Markets Update – During the 14th week of 2024, mostly all the major benchmark indices such as S&P Composite, DJIA and NASDAQ COMP (IXIC) declined. Notably, S&P Composite and DJIA had reached at all time high during 13th Week of 2024 but the rally couldn’t sustain as the yields are going northside after taking cues from Fed Chair speech on 03rd April 2024.

Nasdaq Composite fell marginally by 0.799% while META closed at All time high last week after gaining 8.6% during the week to close at $527.34 per share.

Notably, S&P Small Cap 600 Index declined by 2.677% and Nasdaq Bank Index declined by 3.279%. NASDAQ 100 Technology Sector Index also fell by 1.092%.

Other important Russell Indices such as RUA (Russell 3000) Global index and RUI (Russell 1000) for large-cap declined by 1.090% and 0.992% on weekly basis respectively. Russell Index for small cap i.e. RUT (Russell 2000) closed 2.875% lower on weekly basis.

US Markets Update -Week 14 2024

U.S. Markets Update 2024 Week 14- Broader markets came back from all-time highs past week. Small cap stocks faced profit booking. META closed at All Time High. NVIDIA faced profit booking too.

By usaoutline

On Apr 7, 2024

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US Markets Update – Summary of the 2024 Week 14:

US Markets Update on weekly basis:

NASDAQ Composite Index declined by 0.799% i.e. (131 points) this week and closed at 16248.52. On YTD basis, NASDAQ has marked a gain of 8.242% i.e. 1237 points more from 2023 closing levels.

S&P500(SPX) declined by 0.952% (50 Points) this week after closing at all-time high level i.e. 5254.35 on 28th March 2024. S&P500(SPX) achieved a gain of 9.11% i.e. 434 points more from 2023 closing levels.

DJIA (US30) declined by 2.269% i.e. 903.27 points to close at 38904.10 level after closing at a new all-time high level i.e. 39807.37 on 28th March 2024. In 2024, DJIA (US30) has grown by 3.223% from 2023 closing levels.

RUSSELL3000 (RUA) Global index declined by 1.09% (32.83 Points),

RUSSELL1000 (RUI) Large Cap index declined by 0.992% (28.58 Points) and

RUSSELL2000 (RUT) Small Cap index declined by 2.875% (61.08 Points) during the past week.

US Markets Update – Key heavy-weight stocks that ROSE on weekly basis:

• META (META PLATFORMS) rose by 41.76 USD (8.6%) to close at 527.34 $ per share
• GOOGL (GOOGLE) rose by 1.57 USD (1.04%) to close at 152.50 $ per share
• MSFT (MICROSOFT CORP.) rose by 4.80 USD (1.141%) to close at 425.52 $ per share

US Markets Update : Among the key heavy-weight stocks that FALL on weekly basis are:

• NVDA (NVIDIA CORP) declined by 23.48 USD (2.599%) to close at 880.08 $ per share
• MRK (MERCK&CO) declined by 3.96 USD (3.01%) to close at 127.99 $ per share
• TESL (TESLA INC.) declined by 10.89 USD (6.195%) to close at 164.90 $ per share
• AXP (AMEX) declined by 5.23 USD (2.297%) to close at 222.46 $ per share
• AAPL (APPLE Inc.) declined by 1.90 USD (1.108%) to close at 169.58 $ per share

US Markets Update : Among the small-cap stocks that remained active on weekly basis are:

Small Cap stocks gained past week:

• COCH (ENVOY MEDICAL INC.) gained 57.143% to close at 6.16$ per share…
• ROOT (ROOT INC.) gained 35.724% to close at 82.9$ per share..
• AISP (AIRSHIP SI HOLDINGS INC.) gained 48.558% to close at 9.79$ per share…
• NNOX(NANOXIMAGING) gained by 8.086% to close at 10.56$ per share
• SWBI (SMITH & WESSON BRANDS INC.) gained 2.131% to close at 17.73$ per share
• SG (SWEETGREEN INC.) gained 0.554% to close at 25.4$ per share
• JMIA (JUMIA TECH AG) gained 0.391% to close at 5.14$ per share

Small Cap stocks declined past week:

• MINM (MINIM INC.) declined by 17.425% to close at 5.26$ per share
• HOLO (MICROCLOUD Hologram) declined by 12.468% to close at 3.37$ per share
• LUNR (INTUITIVE MACHINES INC.) declined by 11.680% to close at 5.52$ per share
• PACB (PACIFIC Biosciences Inc.) declined by 10.667% to close at 3.35$ per share
• XPOF (XPONENTIAL FITNESS INC.) declined by 10.218% to close at 14.85$ per share
• AVNW (AVIAT NETWORK) declined by 8.138% to close at 35.22$ per share
• TTMI (TTM TECHNOLOGIES) declined by 6.709% to close at 14.6$ per share
• TRUP(TRUPANION) declined by 5.469% to close at 26.1$ per share
• COHR (COHERENT) declined by 4.196% to close at 57.64$ per share
• HEAR (TURTLE BEACH CORP) declined by 2.61% to close at 16.79$ per share
• TDS(TELEPHONE AND DATA SYSTEMS) declined by 2.185% to close at 15.67$ per share
• COGT (COGENT BIO, Inc.) declined by 0.149% to close at 6.71$ per share

US Markets – 2024 YTD change on the key Indices

NASDAQ Composite, DJIA and S&P 500 index faced profit bookings after reaching at life-time highs during Week 13. On the basis of YTD, change in 2024 are:

• S&P500 (SPX) UP by 434 Pts i.e. 9.11% at 5204 (2023 Closing level 4769.83).
• Nasdaq Composite UP by 1237.17 Pts i.e. 8.242% at 16248.52 (2023 Closing level 15011.35).
• Russell1000 (RUI) UP by 231.19 Pts i.e. 8.817% at 2853.33 (2023 Closing level at 2622.14) rep. Large Cap stocks.
• Russell3000 (RUA) UP by 231.86 Pts i.e. 8.437% at 2980 (2023 Closing level at 2748.21) representing Global US stocks.
• Dow Jones (DJIA) UP by 1214.56 Pts i.e. 3.223% at 38904.10 (2023 Closing level 37689.54).
• Russell2000 (RUT) UP by 36.40 Pts i.e. 1.796% at 2063 (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 4.3% after last week’s Fed Chair speech and after Non-farm payroll data was published on last Friday. The benchmark note on Wednesday briefly touched a new 2024 high of 4.429%. The Bureau of Labor Statistics reported on Friday that the nonfarm payrolls were grew by 303000 in March. This number is too high when compare with the expectations that were growth of 212000. This growth in job numbers dented the market expectations of when the Fed is going to cut the interest rates and how many times in 2024.

Minneapolis Fed President Neel Kashkari questioned whether there will be any rate cuts if inflation remains above the Fed’s 2% target. During an interview, he said “If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all. The economy has been “very resilient.”

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):

1. S&P Global US Manufacturing PMI (Mar): 51.9 (Actual) Vs 52.5 (Forecast)
2. ISM Manufacturing PMI (Mar): 50.3 (Actual) Vs 48.5 (Forecast)
3. JOLTs Job Openings (Feb) : 8.756M (Actual) Vs 8.760 (Forecast)
4. S&P Global Services PMI (Mar) : 51.7 (Actual) Vs 51.7 (Forecast)
5. Non-Farm Payrolls : 303000 (Actual) Vs 212000 (Forecast)

Key economic indicators to watch in next week

In the next week 15 (08 – 12th Apr, 2024), traders will be watching out following key events:

1. Core CPI
2. CPI (YoY)
3. PPI
4. 30-Year Bond Auction by US Govt to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital. The rate on a Treasury Bond represents the return an investor will receive by holding the bond for its entire duration. All bidders receive the same rate at the highest accepted bid.

Credit: Investing.com: Economic-Calendar