US Markets Update – Unable to sustain lifetime high levels
US Markets Update – 2024 Week15 Update/Recap
During the 15th week of 2024, mostly all the major benchmark indices such as S&P Composite, DJIA and NASDAQ COMP (IXIC) declined. Notably, NASDAQ COMP and GOOGLE touched new all time highs.
The bond yields continue to march north-side after taking cues from Inflation recently. On the Geo-political tensions, Iran-Israel conflict spoiled the mood and Ukraine-Russia conflict is also getting linger.
NASDAQ Composite (IXIC) after touching new all time high closing level i.e. 16442.20 on 11th Apr, fell marginally by 0.452% for the weekly reading. GOOGLE also touched new all time high closing level i.e. 159.41$ per share last week while closed 3.43% higher for the weekly reading to close at $157.73 per share.
Notably, S&P Small Cap 600 Index declined by 2.95% and Nasdaq Bank Index declined by 4%. NASDAQ 100 Technology Sector Index also fell by 1.403%.
Other important Russell Indices such as RUA (Russell 3000) Global index and RUI (Russell 1000) for large-cap declined by 1.696% and 1.63% on weekly basis respectively. Russell Index for small cap i.e. RUT (Russell 2000) closed 2.92% lower on weekly basis.
US Markets Update – Summary of the 2024 Week 15:
US Markets Update on weekly basis:
NASDAQ Composite Index declined by 0.452% i.e. (73 points) this week and closed at 16175. On YTD basis, NASDAQ has marked a gain of 7.752% i.e. 1164 points more from 2023 closing levels.
S&P500(SPX) declined by 1.555% (81 Points) this week. This index has achieved a gain of 7.41% i.e. 353.58 points more from 2023 closing levels.
DJIA (US30) declined by 2.367% i.e. 920.86 points to close at 37983.24 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 0.779% from 2023 closing levels i.e. 293.70 points.
RUSSELL3000 (RUA) Global index declined by 1.696% (50.54 Points),
RUSSELL1000 (RUI) Large Cap index declined by 1.63% (46.5 Points) and
RUSSELL2000 (RUT) Small Cap index declined by 2.922% (60 Points) during the past week.
US Markets Update – Key heavy-weight stocks that ROSE on weekly basis:
- AAPL (APPLE Inc.) rose by 6.97 USD (4.11%) to close at 176.55 $ per share
- TESL (TESLA INC.) rose by 6.15 USD (3.73%) to close at 171.05 $ per share
- GOOGL (GOOGLE) rose by 5.23 USD (3.43%) to close at 157.73 $ per share
- NVDA (NVIDIA CORP) rose by 1.78 USD (0.202%) to close at 881.86 $ per share
US Markets Update : Among the key heavy-weight stocks that FALL on weekly basis are:
- META (META PLATFORMS) declined by 15.44 USD (2.928%) to close at 511.9 $ per share
- AXP (AMEX) declined by 4.26 USD (1.915%) to close at 218.20 $ per share
- MSFT (MICROSOFT CORP.) declined by 3.62 USD (0.851%) to close at 421.90 $ per share
- MRK (MERCK&CO) declined by 2.25 USD (1.758%) to close at 125.74 $ per share
US Markets Update : Among the small-cap stocks that remained active on weekly basis are:
Small Cap stocks declined past week:
- ROOT (ROOT INC.) declined by 19.4% to close at 66.78$ per share..
- AISP (AIRSHIP SI HOLDINGS INC.) declined 18.693% to close at 7.96$ per share…
- COCH (ENVOY MEDICAL INC.) declined 18.02% to close at 5.05$ per share…
- HOLO (MICROCLOUD Hologram) declined by 13.65% to close at 2.91$ per share….
- JMIA (JUMIA TECH AG) declined 13.424% to close at 4.45$ per share…
- SG (SWEETGREEN INC.) declined 10.512% to close at 22.73$ per share…
- TRUP(TRUPANION) declined by 10.42% to close at 23.38$ per share…
- NNOX(NANOXIMAGING) declined by 8.049% to close at 9.71 per share…
- LUNR (INTUITIVE MACHINES INC.) declined by 7.97% to close at 5.08$ per share…
- COHR (COHERENT) declined by 7% to close at 53.6$ per share…….
- SWBI (SMITH & WESSON BRANDS INC.) declined 5.527% to close at 16.75$ per share
- PACB (PACIFIC Biosciences Inc.) declined by 5.37% to close at 3.17$ per share…
- MINM (MINIM INC.) declined by 3.232% to close at 5.09$ per share…
- XPOF (XPONENTIAL FITNESS INC.) declined by 3.1% to close at 14.39$ per share…
- COGT (COGENT BIO, Inc.) declined by 2.98% to close at 6.51$ per share…
- AVNW (AVIAT NETWORK) declined by 2.555% to close at 34.32$ per share…
- HEAR (TURTLE BEACH CORP) declined by 2.8% to close at 16.32$ per share……
- TTMI (TTM TECHNOLOGIES) declined by 1.78% to close at 14.34$ per share…
- TDS(TELEPHONE AND DATA SYSTEMS) declined by 0.128% to close at 15.65$ per share…
US Markets – 2024 YTD change on the key Indices
NASDAQ Composite, DJIA and S&P 500 index stocks all faced profit bookings due to fear about Fed action regarding Rates cuts and also due to geo-political tensions coming from Israel and Iran during Week 15.
On YTD basis, change in major indices in 2024 are:
- S&P500 (SPX) UP by 353.58 Pts i.e. 7.41% at 5123 (2023 Closing level 4769.83).
- Nasdaq Composite UP by 1163.7 Pts i.e. 7.752% at 16175 (2023 Closing level 15011.35).
- Russell1000 (RUI) UP by 185 Pts i.e. 7.043% at 2806 (2023 Closing level at 2622.14) rep. Large Cap stocks.
- Russell3000 (RUA) UP by 181 Pts i.e. 6.598% at 2929.53 (2023 Closing level at 2748.21) representing Global US stocks.
- Dow Jones (DJIA) UP by 293.7 Pts i.e. 0.779% at 37983 (2023 Closing level 37689.54).
- Russell2000 (RUT) DOWN by 24 Pts i.e. 1.179% at 2003 (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 4.5% after last week’s Fed Chair speech. Market is now expecting fewer rate cuts this year which is causing pressure on bonds yields and creating resistance for the equities for further rise.
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):
- Core CPI (MoM for Mar) – Published better than estimates i.e. 0.4% Actual vs. 0.3% Estimated
- Core CPI (YoY for Mar) – Published better than estimates i.e. 3.8% Actual vs. 3.7% Estimated
- PPI – Published weaker than estimated i.e. 0.2% Actual vs. 0.3% Estimated for March.
- 30-Year Bond Auction @ 4.671% was made 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. Previous rate was 4.331%
Key economic indicators to watch in next week
In the next week 16 (14 – 20th Apr, 2024), traders will be watching out following key events:
- Retail Sales and Core-Retail sales
- Geo-political crisis between Israel and Iraq.
- Fed Chair Powell speech.
Credit: Investing.com: Economic-Calendar
