Market Recap of the Week of April 15, 2024 - April 19, 2024

Overall Market Trends:

Last week was brutal for the stock market. Major Indices fell majorly with most facing their worst week this year. The New York Stock Exchange Composite dropped 355 points (-2.00%), the S&P 500 fell 192 points (-3.73%), the NASDAQ Composite dropped a whopping 952 points (-5.87%), and the Dow Jones posted weekly losses of 338 points (-0.88%). The technology sector fell this week, so the NASDAQ took a significantly greater hit than other indices. Inflation also played a large part in the overall downturn in the market.

Over the course of the weekend, Iran launched drone attacks on Israel. Israel has been at war with Gaza since the attacks on October 7th. This growing, ongoing conflict has investors worried as the Middle East is a major oil provider, and any tension there could lead to a significant disruption of production and oil prices, further contributing to inflation. Heightened yields in conjunction with Middle East tensions completely wiped out potential gains from positive bank earning reports. Markets closed the day negative.

On Tuesday, Federal Reserve Chair Jerome Powell stated that the Fed needs to keep rates high as inflation has not reached the Fed’s 2% inflation rate goal. While the Dow slightly rose due to United Health’s earnings, stocks fell.

Wednesday's decline was largely due to falling technology stocks. The ongoing inflation concerns continued into Wednesday’s trading session.

Mega-cap stocks, particularly technology-based mega-cap stocks, fell largely on Friday contributing to the massive loss to end the week. Nvidia dropped 10% causing the NASDAQ Composite to fall over 2% on Friday.

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TheStockZone

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