Market Recap (2/4/24)
Market Recap of the Week of January 29, 2024 - February 2, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the stock market trended up as all four major stock indices rose. The New York Stock Exchange (NYSE) increased 177 points (+1.04%), the S&P 500 rose 66 points (+1.34%), the NASDAQ Composite posted weekly gains of 151 points (+0.98%), and the Dow Jones Industrial Average saw an increase of 545 points (+1.43%). This was mostly due to large-cap earning reports, the January 2024 Fed policy meeting, and new data.
On Monday, the US Treasury Department announced that they expect to borrow $55 billion less than previously expected in the first quarter. This eased concerns regarding government borrowing needs; therefore, the bond market dropped and the stock market rose.
On Tuesday, new data was released that pointed toward a soft landing for the U.S. economy. Job openings exceeded nine million, the number of people who quit their jobs decreased, and consumer confidence increased.
On Wednesday, the market took a hit as Google shares finished the day down 7% and the Federal Reserve announced their decision on what they are doing with interest rates. Google’s cloud revenue rose 25%, however, their ad revenue and margins were less than expected. Additionally, the Federal Reserve decided to keep rates steady. However, investors were concerned with the Fed’s chairman’s cautious tone.
On Friday, Meta Inc. rose over 20% increasing its total market capitalization by nearly $200 billion. This came after their earnings tripled and they announced that they would begin giving dividends to shareholders. Amazon also increased around 9% on Friday after their net income was higher than expected. These results contributed greatly to the market’s surge on Friday.
Past Earnings Report:
Looking Towards the Future
Future Earnings Reports: