Market Recap (12/8/24)
Market Recap of the Week of Dec 2, 2024 - Dec 6, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the stock market faced mixed results. The New York Stock Exchange Composite and the Dow Jones Industrial Average both fell, declining 164 points (-0.81%) and 268 points (-0.60%), respectively. On the other hand, the S&P 500 rose 58 points (+0.96%) and the NASDAQ Composite posted weekly gains of 641 points (+3.34%).
Technology-related indices, such as the S&P 500 and the NASDAQ Composite, soared on Monday while the Dow Jones and NYSE fell on the day. Tesla received an upgrade from Neutral to Buy from Roth MKM due to CEO Elon Musk’s tight-knit relationship with President-elect Trump, causing the stock to rise 3.5%. Super Micro Computer plummeted roughly 84% from its peak in March after its auditor resigned, generally a sign the company’s financials were fabricated. However, Super Micro Computer skyrocketed 29% on Monday after an investigation found no malpractice and that all the firm’s financial statements were correct. They have continued to rise since.
The Dow Jones closed beyond the 45,000 mark for the first time on Wednesday as markets were propelled forward during Wednesday’s session following a duo of strong earnings results. Salesforce surged 11% after beating their revenue expectations for Q3 while Marvel Technologies soared 23% posting stronger-than-expected earnings and guidance.
Stocks retreated after gaining throughout the week on Thursday as investors prepared for the big payrolls report set to be released Friday.
The NASDAQ Composite and S&P 500 both rose on Friday while the Dow Jones Industrial Average fell. Nonfarm payrolls increased by 227,000 in November, above the 214,000 estimate, demonstrating a softening but not weakening labor market. Following this report, fed funds futures reflected an 85% chance of a rate cut in the upcoming meeting. Gains from Tesla, Meta, and Amazon also helped push the two indices up on Friday.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Wholesale Inventories
Tuesday: NFIB optimism index; Unit Labor Costs (revision)
Wednesday: Consumer price index (CPI); Core CPI
Thursday: Initial jobless claims; Producer price index (PPI); Core PPI
Friday: Import price index
Future Earnings Reports: