Market Week: October 21, 2024
The Markets (as of market close October 18, 2024)
Wall Street marked another week of gains, with each of the benchmark indexes climbing higher. The Dow and the S&P 500 attained new records, while the NASDAQ rode a spurt in tech and communication shares. Nine of the 11 market sectors closed the week higher, led by utilities, financials, and real estate. Health care and energy declined. Gold prices also reached new record highs, driven by global demand for safer assets and expectations of further interest rate cuts by major central banks. Crude oil prices declined, marking the largest weekly drop since the beginning of September. Weaker demand and slowing economic growth in China drove the downturn in crude oil prices.
Market Week: October 14, 2024
The Markets (as of market close October 11, 2024)
Despite a tepid start, stocks ended last week generally higher. Each of the benchmark indexes listed here posted solid gains with the Dow and the S&P 500 reaching record highs on multiple occasions. Financials and information technology led the market sectors, with consumer discretionary, real estate, communication services, utilities, and energy losing ground. Crude oil prices rose for the second straight week, fueled by escalating tensions in the Middle East and increased fuel demand in Florida on the heels of Hurricane Milton. The dollar and gold prices increased.
Market Week: October 7, 2024
The Markets (as of market close October 4, 2024)
Investors were confronted with plenty of market-moving information last week as they waded through negative developments and some positive signs. Growing tensions in the Middle East and a slowdown in the manufacturing sector (see below) were causes for concern, while a better-than-expected jobs report (see below) helped alleviate some of those worries, at least for a time. The S&P 500, the NASDAQ, and the Dow ended a very volatile week on the plus side, while the Russell 2000 and the Global Dow closed the week lower. Among the market sectors, energy surged by more than 8.5%, while communication services, financials, and industrials also closed higher. The remaining sectors declined, led by real estate and materials. Ten-year Treasury yields surged to their highest level in nearly two months as the robust labor report cooled expectations that the Federal Reserve needed to aggressively cut interest rates.
Market Week: September 30, 2024
The Markets (as of market close September 27, 2024)
Wall Street enjoyed a solid week of gains following a rough start to the month. Each of the benchmark indexes listed here advanced, with the exception of the Russell 2000, which is generally the most volatile of the aforementioned indexes. Eight of the 11 S&P 500 market sectors closed the week ahead, led by materials and utilities. Only health care, financials, and energy declined. The personal consumption expenditures (PCE) price index, the preferred inflation indicator of the Federal Reserve, inched up 0.1% in August and 2.2% over the last 12 months, nearing the Fed’s 2.0% target. Signs of cooling inflationary pressures likely fueled expectations that the Fed may cut interest rates again this year. Gold prices hit a record high earlier in the week, only to pull back later. Crude oil prices fell below $70.00 per barrel.
Market Week: September 23, 2024
The Markets (as of market close September 20, 2024)
The interest rate decrease by the Federal Reserve helped drive stocks higher last week. Each of the
benchmark indexes listed here closed higher, led by the Russell 2000. Communication services, energy,
and utilities were the best performing market sectors, while consumer staples, health care, and real estate lagged. Gold prices surged past $2,600.00 per ounce, hitting a new, record high on Friday. Crude oil prices advanced for the second straight week, while the dollar retreated following the drop in interest rates.
Market Week: September 16, 2024
The Markets (as of market close September 13, 2024)
Equities rallied notably last week as investors awaited this week’s Federal Reserve meeting in anticipation of at least a 25.0-basis-point reduction in interest rates. Nine of the 11 market sectors ended last week higher, led by information technology. Only financials and energy lagged. The yield on 10-year Treasuries slipped to its lowest level since May 2023. Crude oil prices posted the first weekly advance in over a month. The dollar fell amid expectations of the aforementioned interest rate cut.
Market Week: September 9, 2024
The Markets (as of market close September 6, 2024)
September has clearly gotten off to a rough start for Wall Street. Stocks plunged lower on fears of an
economic decline and a waning labor market. Investors feared that the Federal Reserve, which is now
more likely to drop interest rates by at least 50.0 basis points when it meets in a few weeks, may be
responding too late. Tech stocks took a big hit with the NASDAQ falling nearly 6.0% last week and nearly
12.0% since July 10. Consumer staples, real estate, and utilities were the only market sectors to gain last
week. Information technology declined 7.0%, posting the largest loss among the remaining sectors. Crude oil prices have fallen to levels not seen since 2023. Ten-year Treasuries saw their biggest weekly drop in five weeks, having fallen four straight days and seven of the last 10 days.
Market Week: September 3, 2024
The Markets (as of market close August 30, 2024)
Despite moments of trepidation, the stock market extended its winning streak to three straight weeks. And even with its rough start, August marked the fourth month in a row of positive returns. Several encouraging reports suggested that the economy is holding up and inflation is moderating, keeping alive hopes of a soft landing and a September rate cut by the Federal Reserve. The Dow posted the largest gain to close out the week at an all-time high, and the Global Dow also soared. The large caps of the S&P 500 posted a modest gain, the small caps of the Russell 2000 treaded water, and the tech-heavy NASDAQ ended the week in the red. Financials, energy, and materials were the top performing sectors, while information technology and communication services lagged. Bond prices fell, pushing up 10-year Treasury yields. Regardless of heightened geopolitical tensions, crude oil prices slipped due to expectations of weaker global demand. Gold prices fell and the dollar rose.
Market Week: August 26, 2024
The Markets (as of market close August 23, 2024)
Investors finally heard what they had been waiting for after Federal Reserve Chair Jerome Powell gave clear indications that the central bank will lower interest rates in September. Powell noted that the labor market has cooled and inflation is slowing. In an up and down week for stocks, each of the benchmark indexes listed here ended up closing higher, led by the RUSSELL 2000. Crude oil prices rallied at the end of the week, but not enough to avoid closing in the red. Typically, falling interest rates stimulate economic growth, which includes rising demand for oil. However, worldwide energy demand, particularly in China, has waned, keeping oil prices somewhat muted. Ten of the 11 market sectors closed higher, led by materials, consumer discretionary, and financials. Energy ticked lower.
Market Week: August 19, 2024
The Markets (as of market close August 16, 2024)
Wall Street rebounded after a rough start to the month, to close out its best week of the year. Investors saw a lot of economic data that did little to change the expectations of an interest rate reduction in September. Last week’s gains ended four straight weeks of losses, fueled by concerns that the Federal Reserve hadn’t lowered interest rates soon enough to prevent a major economic slowdown. However, favorable inflation data, robust retail sales, and fewer unemployment claims reassured investors’ confidence, leading to a market rally. Each of the benchmark indexes listed here closed the week higher. All 11 of the S&P 500 market sectors gained ground, with information technology climbing more than 8.0%. Ten-year Treasury yields dipped lower as bond values advanced. Crude oil prices inched lower. The dollar declined, while gold prices increased.