Market Recap (12/1/24)

Written By Jayden Kahn

Market Recap of the Week of Nov 25, 2024 - Nov 29, 2024

Source: Apple Stocks Application

Overall Market Trends:

Stocks trended up during last week's shortened week with all four indices finishing positive. The New York Stock Exchange Composite (NYSE) rose 145 points (+0.72%), the S&P 500 climbed 64 points (+1.07%), the NASDAQ Composite increased 219 points (+1.15%), and the Dow Jones posted weekly gains of 618 points (+1.40%). 

The stock market rose Monday after investors found confidence in Trump’s treasury secretary appointee Scott Besent. Besent is the founder of Key Square Group, a global macro investment fund. Investors believe he will help mitigate some of President-elect Trump’s extreme economic policies including import tariffs.

Markets continued to push higher on Tuesday as investors shook off tariff concerns. Monday night, Trump mentioned imposing tariffs on Mexico, Canada, and China. However, investors believe that these will not actually come to fruition or have already been priced in.

Stocks fell during Wednesday’s trading session as the market experienced some profit-taking prior to Thanksgiving. The Personal Consumption Expenditures Index (PCE) report was in line with expectations, rising 0.2% in October.

Indices rose during the shortened session Friday after Bloomberg announced that the Biden administration was considering imposing new restrictions on the sale of semiconductor equipment to China that weren’t as strong as previously anticipated.

Past Earnings Report:

On Wednesday, Dell fell 12% and HP declined 11% after both companies posted weak earnings guidance.

Looking Towards the Future

Upcoming Important Economic Events:

  • Monday: S&P final U.S. manufacturing PMI

  • Tuesday: Job openings

  • Wednesday: ADP employment; St. Louis Fed President Musalem speaks; S&P final U.S. services PMI; Fed Beige Book

  • Thursday: Initial jobless claims

  • Friday: U.S. employment report; U.S. unemployment rate; Chicago Fed President Goolsbee speaks; Consumer sentiment (prelim); Consumer credit

Future Earnings Reports:

Jayden Kahn
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