FINANCIAL STOCK MARKET  WEEK "The stock market took a tumble" January 8, 2024

The Markets (as of market close January 5, 2024)

After pulling off a surprisingly strong rally in the fourth quarter of 2023, the stock market took a tumble during the first week of the new year.  All five of the indexes listed here ended lower, with the Russell 2000 and the Nasdaq seeing the largest losses. Information Technology and Consumer Discretionary were the two worst-performing sectors, while health care, utilities, and energy posted decent gains. A solid jobs report pushed ten-year Treasury yields above 4.0% on Friday.  Oil prices were volatile but ended the week 3.4% higher, primarily due to rising tensions in the Red Sea.

Investors were met with disappointment on the first trading day of 2024. The Nasdaq dropped 1.6% last Tuesday, followed by the Russell 2000 (-0.7%) and the S&P 500 (-0.6%). The Global Dow dipped 0.3% while the Dow eked out a tiny gain (0.1%).  The yield on 10-year Treasuries rose to 3.94%, and the dollar had its biggest daily advance since March.  Crude oil prices slid 1.6% to about $70 per barrel.

Stocks stumbled for the second session in a row on Wednesday, with all of the major indexes listed below closing in the red. The small caps of the Russell 2000 suffered the worst loss (-3.4%) since March.  The Nasdaq fell 1.2%, followed by the Global Dow (-0.9%), the S&P 500 (-0.8%), and the Dow (-0.8%).  The 10-year Treasury yield ticked down to 3.90%.  Crude oil prices spiked more than 3.7% as troubling news continued to flow out of the Middle East.  The price of gold fell, and the dollar advanced.

On Thursday, the Nasdaq suffered its fifth straight day of losses (-0.6%) and the S&P 500 posted its fourth decline in a row (-0.3%).  The Russell 2000 ticked down a bit (-0.1%) and the Dow was flat, but the Global Dow notched a 0.4% gain.  Eight of the market sectors experienced declines, while health care, financials, and industrials managed gains.  Gold advanced, crude oil fell, and the dollar was little changed.

Friday was somewhat uneventful on Wall Street, but four of the five stock indexes listed below ended slightly higher after multiple days of declines.  The Global Dow moved up 0.3%, followed by the S&P 500 (0.2%). The Nasdaq and the Dow each ticked up 0.1%, while the Russell 2000 dipped 0.3%.  Crude oil prices rose more than 2.0%. Gold prices and the dollar were mostly flat.

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Wendy Nelson, CEO of Wind River Wealth Advisors, aims to provide beneficial investment management, retirement planning, financial planning, asset management, and portfolio management to protect your money with knowledgeable strategies and plans by utilizing a personal independent financial advisor.