US Markets Update- 2024 Week3 (Weekly Recap)
Summary of the week:
Overall, last week i.e. 3rd week of 2024 was pretty good for US Markets, mainly for Tech and Large Cap Stocks.
Among Global indexes, NASDAQ Composite rose by 2.26% for the week and S&P 500 rose by 1.17% closed at record higher level hinting towards bull market, while RUSSELL3000 (RUA) Global index rose by 1.02% and RUSSELL1000 (RUI) Large Cap index rose by 1.1% during the past week.
Dow Jones Industrial Average also posted an upward change of 0.72% on weekly basis.
RUSSELL2000 (RUT) Small-Cap shed this week by 0.337%.
Tech stocks continue to remain upbeat and in good momentum.
Key heavy-weight stocks that ROSE on weekly basis:
- AAPL (Apple Inc.) up by 5.64 USD (3.034%) to close at 191.56 $ per share
- GOOGL (GOOGLE) up by 3.73 USD (2.615%) to close at 146.38 $ per share
- MSFT (MICROSOFT CORP.) up by 10.20 USD (2.626%) to close at 398.67 $ per share
- AXP (American Express Company) rose by 1.13 USD (0.621%) to close at 183.17 $ per share
- MRK (MERCK&CO) up by 0.26 USD (0.219%) to close at 118.89 $ per share
- Wells Fargo & Co. (WFC) up by 1.3 USD (2.18%) to close at 48.12 $ per share
Among the heavy-weight stocks that FALL on weekly basis are:
- TESL (TESLA INC.) fell by 6.70 USD (3.061%) to close at 212.19 $ per share
Weekly change summary in Major Indices (2024 Week3)
DJIA (US30) rose by 270.36 points i.e., 0.719%.
NASDAQ COMP rose by 338.21 points i.e., 2.259%
S&P500 (SPX) rose by 55.98 points i.e., 1.170%
RUSSELL3000 (RUA) Global rose by 27.96 points i.e., 1.018%
RUSSELL2000 (RUT) Small Cap remained almost flat this week again, shed 6.6 points this week.
RUSSELL1000 (RUI) Large Cap rose by 28.69 points i.e., 1.093%
YTD change on key Indices
On YTD basis, major indices rose up again from 2023 closing levels:
- Nasdaq Composite 300 Pts Up at 15,310.97 (2023 Closing level 15011.35)
- Dow Jones 174 Pts Up at 37,863.60 (2023 Closing level 37689.54)
- S&P500 (SPX) 70 Pts Up at 4,839.81 (2023 Closing level 4769.83)
- Russell2000 (RUT) 82 Pts Down at 1944.39 (2023 Closing level 2027.07) rep. Small Cap Stocks.
- Russell3000 (RUA) 25.5 Pts Up at 2774 (2023 Closing level at 2748.21) rep. Global US stocks.
- Russell1000 (RUI) 32 Pts Up at 2,653.99 (2023 Closing level at 2622.14) rep. Large Cap stocks.
US Yields
10 Years, 20 Years and 30 Years maturity yield all rose little more this week to stay above 4% creating a consistent pressure on Fed to deal with Interest rates since the 2024 year beginning.
Yield Curve Trend in 2024 (Courtesy: ustreasuryyieldcurve.com)
What’s the buzz this week and for next week?
Retail sales and core retail sales (MOM DEC) both were above expectations i.e. grew by 0.6% and 0.4% respectively that helped improving the market mood this week.
Industrial production data (YoY Dec) reported at 0.98%.
The EAI’s in Crude Inventories declined by 2.5M as against expected 0.313M. This weekly change in the number of barrels of commercial crude oil held by US firms, influences the price of petroleum products, which can have an impact on inflation. Higher than expected decline in crude inventories is seen as robust demand in the market.
On Tuesday 16th Jan 2024, Fed Governor Christopher Waller described – economy is “doing well.
What’s will be the key indicators to watch in next week?
In the week 4 (22-27 Jan, 2024), critical indicators to influence market mood will be:
S&P U.S. Manufacturing & Services Purchasing Managers Index (PMI) (to be published on 24 Jan 2024 Wednesday)
U.S. Core PCE Price Index will be released on 26 Jan 2024 Friday
Credit: Investing.com: Economic-Calendar
