Market Recap (1/21/24)
Market Recap of the Week of January 16, 2024 - January 19, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week was only four days due to the market being closed on Monday for Martin Luther King Day. Most major indices were up on the week with the S&P 500 rising 57 points (+1.18%) and reaching a new all-time high, the NASDAQ Composite posting weekly gains of 339 points (+2.26%), and the Dow Jones Industrial Average increasing 273 points (+0.73%). On the other hand, the New York Stock Exchange dropped 69 points (-0.41%) last week. Most of the major gains in the week came at the end of Thursday and continued through Friday.
The market started the week by taking a hit on Tuesday. Christopher Waller, Governor of the Federal Reserve, commented on rates indicating that, while rate cuts are going to happen this year, the Fed is in no rush to begin cutting them just yet. Yields rose and stocks fell with the Dow singlehandedly dropping 200 points. The narrative of “not so fast” when regarding rate cuts has been going around the Fed as investors are beginning to think that the possibility of a rate cut at the March policy meeting is fading.
Additionally, investors are worried that heightened tensions in the Middle East may add to inflationary pressures due to delayed shipping throughout the Red Sea. Some things that may be impacted are oil prices and gold.
However, the major indexes were boosted on Thursday by large-cap companies such as Taiwan Semiconductor Manufacturing Co (TSM) which jumped nearly 10% on Thursday due to a greater-than-expected earnings report. Other major companies such as Nvidia and Advanced Micro Devices Inc. also assisted in the jump on Thursday. On top of that, a Bank of America financial analyst upgraded Apple to the buy status which caused Apple shares to spike 3.3%.
On Friday, the University of Michigan also released its consumer-sentiment gauge for January which read that the sentiment survey surged from 69.7 in December to 78.8 in January. The data showed that consumers were more confident and more confident consumers means more money spent. Confident consumers are also good for the economy. Also, large tech stocks continued to climb on Friday rising more than 4%.
Past Earnings Report:
Looking Towards the Future
Future Earnings Reports:
