US Markets Update 2004 Week1
Summary of the week:
US Markets Update – Not a good start of US Markets in the Week 1 of 2024.
Major U.S. indexes posted their first weekly declines since late October after pausing the positive momentum for nine consecutive weekly gains in late 2023.
Among Global indexes, NASDAQ Composite fell more than 3% for the week, while S&P 500 fell 1.522% and RUSSELL3000 fell by 1.756%
Dow Jones Industrial Average posted a fall of 0.593%.
RUSSELL2000 (RUT) Small-Cap and RUSSELL1000 (RUI) Large-Cap also fell by 3.74% and 1.643% respectively.
Among the heavy-weight stocks that fell on weekly basis are:
- AAPL (Apple Inc.) down by 11.35 USD (5.895%) to close at 181.18 $ per share
- GOOGL (GOOGLE) down by 3.96 USD (2.835%) to close at 135.73 $ per share
- TESL (TESLA INC.) down by 10.99 USD (4.423%) to close at 237.49 $ per share
- MSFT (MICROSOFT CORP.) down by 8.29 USD (2.205%) to close at 367.75 $ per share
Among the heavy-weight stocks that rise on weekly basis are:
- AXP (American Express Company) rose by 1.72 USD (0.918%) to close at 189.06 $ per share
- MRK (MERCK&CO) rose by 8.20 USD (7.522%) to close at 117.22 $ per share
Given below the weekly change summary:
DJIA (US30) fall by 223.43 points i.e., 0.593%
NASDAQ COMP fall by 487.28 points i.e., 3.246%
S&P500 (SPX) fall by 72.59 points i.e., 1.522%
RUSSELL3000 (RUA) Global fall by 48.27 points i.e., 1.756%
RUSSELL2000 (RUT) Small Cap fall by 75.93 points i.e., 3.746%
RUSSELL1000 (RUI) Large Cap fall by 43.08 points i.e., 1.643%
Other key indicators that impacted US Markets last week:
US Yields: The yields rose again in the first week of 2024. Since the expectations of earlier interest rate cuts faded followed by generally positive economic data, the yield of the 10-year U.S. Treasury bond climbed back above 4.00% from 3.88% pausing a string of 3 weekly declines.
Labor Market: U.S. economy added 216,000 new jobs last month, exceeding most economists’ expectations and producing the biggest monthly gain in three months, while the unemployment rate was unchanged at 3.7%.
Other Geo-political reasons such as Israel-Gaza conflicts created some tensions in the Red Sea, Powerful Earthquake in Japan on the very first day of 2024 also soured the mood.
What’s the buzz this week?
Aside, media reports is highlighting doubts raised by Gary Shilling that the Fed will cut interest rates before summer, but sees a return to 1% or 2%.
