Market Recap (11/17/24)
Market Recap of the Week of Nov 11, 2024 - Nov 15, 2024
Source: Apple Stocks Application
Overall Market Trends:
The stock market declined throughout the week as the post-election rally faded. The New York Stock Exchange Composite (NYSE) decreased 296 points (-1.49%), the S&P 500 lost 125 points (-2.10%), the NASDAQ Composite sank 585 points (-3.04%), and the Dow Jones Industrial Average posted weekly losses of 554 points (-1.26%).
Stocks continued to rise on Monday as Trump-enthusiasm persisted. Tesla continued its postelection rally rising 9% on the day. The Dow Jones closed above 44,000 for the first time in history.
However, this feat didn’t last long as stocks retreated during Tuesday’s trading session. Investors took a breather as companies whose recent surge was closely tied to President-elect Trump’s victory fell on Tuesday including Tesla which declined 6% and Trump Media & Technology Group which fell 9%.
Indices left Wednesday’s trading session little changed as the postelection rally continued to lose steam. A Consumer Price Index (CPI) report met expectations, pointing towards another rate cut in December.
Stocks slid on Thursday after Fed Chair Jerome Powell cautioned future rate cuts due to the current strength of the U.S. economy. Fed Funds Futures forecasted a 62% chance of a rate cut in December. This number fell from 82.5% earlier in the day. The Producer Price Index (PPI) met expectations, rising 0.2% in October.
The stock market continued to tumble on Friday. Pharmaceutical companies declined including Moderna (-7.3%) and Amgen (-4.2%) after Trump named Robert Kennedy Jr. to be the head of the U.S. Department of Health and Human Services. SPDR S&P Biotech ETF (XBI) plummeted 5% after the news.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Home builder confidence index; Chicago Fed President Austan Goolsbee welcoming remarks
Tuesday: Chicago Fed President Austan Goolsbee speaks
Wednesday: Fed Gov. Lisa Cooks speaks; Fed Gov. Michelle Bowman speaks
Thursday: Initial jobless claims; Philadelphia Fed manufacturing survey; Various Federal Reserve Speakers
Friday: S&P flash U.S. services PMI; S&P flash U.S. manufacturing PMI; Consumer sentiment (final); Fed Gov. Michelle Bowman speaks
Future Earnings Reports: