US Markets Update – At Lifetime new high

US Markets Update – 2024 Week13 Update/Recap

US Markets Update – During the 13th week of 2024, S&P Composite and DJIA benchmark indices reached at new All-Time high levels after taking cues from investors who have interpreted the rise in interest rates as a reflection of resilient economic activity, accompanied by expectations for robust profit growth. The market’s confidence was reinforced after last week’s FOMC meeting, as the committee’s updates to its Summary of Economic Projections (SEP) illustrated a greener economic outlook. Real GDP growth projections were revised upwards from below-trend growth rates in December. 

Nasdaq Composite fell marginally by 0.30% since major tech stocks like AAPL, NVIDIA, META, MSFT saw profit booking last week. On the other hand, small cap stocks too rose sharply during week 13. Notably, S&P Small Cap 600 Index grew by 2.521% and Russell Index for small cap i.e. RUT (Russell 2000) closed 2.537% higher on weekly basis.

Other important Russell Indices such as RUA (Russell 3000) Global index and RUI (Russell 1000) for large-cap rose by 0.578% and 0.472% on weekly basis respectively.

US Markets Update – Summary of the 2024 Week 13:

US Markets Update on weekly basis:

NASDAQ Composite Index declined marginally by 0.30% i.e. (49 points) this week and closed at 16379.46. On YTD basis, NASDAQ has marked a gain of 9.114% from 2023 closing levels.

S&P500(SPX) rose by 0.385% (20 Points) this week and closed at all-time high level i.e. 5254.35. S&P500(SPX) achieved a gain of 10.158% from 2023 closing levels.

DJIA (US30) rose by 0.84% i.e. 331.73 points to close at 39807.37 level which is a new all-time high level.

RUSSELL3000 (RUA) Global index rose by 0.578% (17 Points),

RUSSELL1000 (RUI) Large Cap index rose by 0.472% (13.55 Points) and

RUSSELL2000 (RUT) Small Cap index rose by 2.537% (52.56 Points) during the past week.

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

• MRK (MERCK&CO) rose by 8.10 USD (6.54%) to close at 131.95 $ per share
• TESL (TESLA INC.) rose by 4.96 USD (2.903%) to close at 175.79 $ per share
• AXP (AMEX) rose 1.73 USD (0.766%) to close at 227.69 $ per share
• GOOGL (GOOGLE) rose by 0.16 USD (0.106%) to close at 150.93 $ per share

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

• NVDA (NVIDIA CORP) declined by 39.33 USD (4.17%) to close at 903.56 $ per share
• META (META PLATFORMS) declined by 24 USD (4.71%) to close at 485.58 $ per share
• MSFT (MICROSOFT CORP.) declined by 8.02 USD (1.871%) to close at 420.72 $ per share
• AAPL (APPLE Inc.) declined by 0.80 USD (0.464%) to close at 171.48 $ per share

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

Small Cap stocks gained past week:

• ROOT (ROOT INC.) gained 13.616% to close at 61.08$ per share
• XPOF (XPONENTIAL FITNESS INC.) gained by 8.887% to close at 16.54$ per share
• TRUP(TRUPANION) gained by 7.641% to close at 27.61$ per share
• TTMI (TTM TECHNOLOGIES) gained 6.826% to close at 15.65$ per share
• COCH (ENVOY MEDICAL INC.) gained 5.946% to close at 3.92$ per share
• COGT (COGENT BIO, Inc.) gained by 5.164% to close at 6.72$ per share
• MINM (MINIM INC.) gained by 4.770% to close at 6.37$ per share
• NNOX(NANOXIMAGING) gained by 3.168% to close at 9.77$ per share
• AVNW (AVIAT NETWORK) gained 2.954% to close at 38.34$ per share
• PACB (PACIFIC Biosciences Inc.) gained by 1.902% to close at 3.75$ per share
• TDS(TELEPHONE AND DATA SYSTEMS) gained by 1.844% to close at 16.02$ per share
• SG (SWEETGREEN INC.) gained 0.678% to close at 25.26$ per share

Small Cap stocks declined past week:

• AISP (AIRSHIP SI HOLDINGS INC.) lost 29.89% to close at 6.59$ per share
• HOLO(MICROCLOUD Hologram) declined by 20.782% to close at 3.85$ per share
• JMIA (JUMIA TECH AG) lost 8.571% to close at 5.12$ per share
• COHR (COHERENT) lost 4.234% to close at 60.62$ per share
• LUNR (INTUITIVE MACHINES INC.) declined by 2.344% to close at 6.25$ per share
• SWBI (SMITH & WESSON BRANDS INC.) declined 1.81% to close at 17.36$ per share
• HEAR (TURTLE BEACH CORP) declined 0.863% to close at 17.24$ per share

Airship AI Holdings, Inc. (NASDAQ: AISP) shares lost 29.89% to close at 6.59$ 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 closed at life-time highs during past week. On the basis of YTD, change in 2024 are:

• S&P500 (SPX) UP by 484 Pts i.e. 10.158% at 5254 (2023 Closing level 4769.83) closed at historic high.
• Nasdaq Composite UP by 1368.11 Pts i.e. 9.114% at 16379.46 (2023 Closing level 15011.35).
• Russell1000 (RUI) UP by 259.77 Pts i.e. 9.907% at 2881.91 (2023 Closing level at 2622.14) rep. Large Cap stocks.
• Russell3000 (RUA) UP by 264.69 Pts i.e. 9.631% at 3012.90 (2023 Closing level at 2748.21) representing Global US stocks.
• Dow Jones (DJIA) UP by 2117.83 Pts i.e. 5.619% at 39807.37 (2023 Closing level 37689.54).
• Russell2000 (RUT) UP by 97.48 Pts i.e. 4.809% at 2124 (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 last week’s FOMC meeting, as the committee’s updates to its Summary of Economic Projections (SEP). The committee’s policy rate projections continued to signal three rate cuts this year but a downward revised three cuts in 2025 as the economy and labor market are expected to remain healthy.

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. New Homes Sales (Feb) – 662K VS. Forecast of 675K giving bearish sentiments for the USD.
2. CB Consumer Confidence (Mar) – 104.7 vs Forecast of 106.9 i.e. Bearish for the USD.
3. GDP QOQ for Q4 – 3.4% Actual Vs. Forecast of 3.2% as released by Bureau of Economic Analysis shows strength in the American economy.
4. Core PCE Price Index (YoY Feb24)- In line to the expectations i.e. 2.8%

Key economic indicators to watch in next week

In the next week 14 (01 – 06 Apr, 2024), traders will be watching out following key events:

1. S&P Global US Manufacturing PMI (Mar)
2. ISM Manufacturing PMI (Mar)
3. JOLTs Job Openings (Feb)
4. S&P Global Services PMI (Mar)

The key highlight next week would be Fed Chair speech on 03rd April 2024.

Credit: Investing.com: Economic-Calendar