FINANCIAL STOCK MARKET  WEEK "Stocks closed higher last week," February 5, 2024

The Markets (as of market close February 9, 2024)

Stocks closed higher last week, with the S&P 500 and the Nasdaq reaching record highs.  Investors were encouraged by generally favorable fourth-quarter corporate earnings data and a downwardly revised Consumer Price Index for December.  Each of the benchmark indexes listed here gained ground, led by the Russell 2000 and the Nasdaq.  Last week saw information technology, communication services, industrials, and consumer discretionary lead the market sectors, while utilities and consumer staples trended lower.  Crude oil prices continued to rise last week amid ongoing Middle East tensions.

The week kicked off with stocks falling as bond yields advanced.  The small caps of the Russell 2000 took the brunt of the downturn, giving back 1.3%, followed by the Dow (-0.7%), the Global Dow (-0.5%), the S&P 500 (-0.3%), and the Nasdaq (-0.2%). Yields on 10-year Treasuries gained 13.1 basis points to close at 4.16%.  Crude oil prices gained 0.8%, settling at $72.82 per barrel.  The dollar advanced 0.5%, while gold prices fell 0.6%.

Equities closed up last Tuesday following a selloff in the prior session.  Materials and real estate were solid sectors, offsetting a decline by information technology.  Among the benchmark indexes listed here, the Russell 2000 gained the most after adding 0.9%.  The Global Dow rose 0.8%, the Dow advanced 0.4%, the S&P 500 climbed 0.2%, while the Nasdaq inched up 0.1%. Ten-year Treasury yields closed at 4.09% after falling 7.4 basis points. Crude oil prices rose roughly $0.70 to $73.48 per barrel. The dollar ticked lower, while gold prices rose 0.4%.  With earnings season reaching the half-way mark, 75% of S&P 500 companies have reported actual earnings per share (EPS) above estimates. In aggregate, S&P 500 companies have exceeded estimates by 7.3%, leading to a net $16.0 billion increase in earnings for the fourth quarter since January 19.

Stocks climbed higher last Wednesday as investors chewed over another batch of corporate earnings.  The Nasdaq gained 1.0% to lead the benchmark indexes listed here.  The S&P 500 rose 0.8% to hit a new record high.  The Dow added 0.4% and the Global Dow ticked up 0.2%. The small caps of the Russell 2000 dipped 0.2%.  Yields on 10-year Treasuries inched up 2.0 basis points to 4.11%. Crude oil prices rose $0.76 to $74.07 per barrel.  The dollar and gold prices declined.

Last Thursday saw the S&P 500 reach 5,000 for the first time in its history, only to close slightly below that mark. A strong performance from chip makers helped advance the Nasdaq by 0.2%. The Dow edged up 0.1%.  The small caps of the Russell 2000 led the benchmarks, gaining 1.5%.  Despite the gain, the Russell 2000 remains in bear territory (down by 20% from a prior peak in 2021). The Global Dow dipped 0.2%.  Crude oil prices jumped $2.60 to $76.46 per barrel. Ten-year Treasury yields closed at 4.17% after gaining 6.0 basis points.  The dollar ticked up 0.1%, while gold prices fell 0.1%.

Last Friday saw the S&P 500 (0.6%) top the 5,000 mark, while the Nasdaq (1.3%) closed at a record high.  The Russell 2000 enjoyed a second solid day, adding 1.5%.  The Global Dow was flat, while the Dow dipped 0.1%.  Ten-year Treasury yields inched up 1.7 basis points to 4.18%.  Crude oil prices increased $0.32 to $76.55 per barrel.  The dollar and gold prices closed the session in the red.

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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.