FINANCIAL STOCK MARKET  WEEK Market Week: July 29, 2024 

"Dow and the Russell 2000 adding value,"  by Wendy Nelson 

The Markets (as of market close July 26, 2024)

Stocks were mixed last week, with the Dow and the Russell 2000 adding value, while the Nasdaq, the S&P 500, and the Global Dow ended the week in the red. Tech shares took a hit as investors prepared for this week's earnings data from four megacap giants.  For the week, communication services, information technology, and energy closed lower among the market sectors.  Health care and utilities posted the largest gains.  The June personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation, was somewhat encouraging (see below).  While the data is not favorable enough for the Fed to lower interest rates next week, it is trending in the right direction to lead to a possible interest rate cut in September.  Crude oil prices declined on rising expectations of a cease-fire in Gaza and growing concerns on waning demand in China.

Tech shares rebounded from last week's sell-off last Monday as traders assessed the political landscape after President Joe Biden ended his bid for re-election.  The small caps of the Russell 2000 (1.7%) and the Nasdaq (1.6%) led the benchmark indexes listed here, while the S&P 500 advanced 1.1%.  The Global Dow climbed 0.5%, and the Dow added 0.3%. Yields on 10-year Treasuries ticked up 2.1 basis points to 4.26%.  Crude oil prices dipped to $79.95 per barrel.  The dollar and gold prices moved marginally.

Last Tuesday saw stocks edge lower as investors awaited earnings data from major tech companies. Of the benchmark indexes listed here, only the Russell 2000 added value after gaining 1.0%.  The remaining indexes dipped 0.2% or less.  Ten-year Treasury yields slid to 4.23%.  Crude oil prices continued to fall, dropping $1.13 to close at $77.27 per barrel.  The dollar inched up 0.1%, while gold prices rose 0.6%.

Stocks fell last Wednesday after underwhelming megacap earnings led to a tech sell-off. The Nasdaq (-3.6%) suffered its worst single trading day since October 2022, while the S&P 500 (-2.3%) had its worst day since December 2022.  The Russell 2000 fell 2.1%, the Dow dropped 1.3%, and the Global Dow lost 0.9%.  Ten-year Treasury yields rose 4.7 basis points to 4.28%. Crude oil prices ended several days of declines, rising to $77.54 per barrel.  The dollar dipped 0.1%, and gold prices fell 0.3%.

The Nasdaq (-0.9%) continued its tailspin last Thursday, while the small caps of the Russell 2000 gained 1.3%.  The Dow ended the session up 0.2%.  The Global Dow (-0.7%) and the S&P 500 (-0.5%) declined.  Bond prices rose, pulling yields lower, with the 10-year note falling 3.0 basis points to 4.25%.  Crude oil prices increased for the second straight day, settling at $78.12 per barrel.  The dollar was flat, while gold prices slid 2.3%.

Stocks enjoyed a solid day last Friday, with each of the benchmark indexes posting gains.  The Russell 2000 advanced 1.7%, followed by the Dow (1.6%), the S&P 500 (1.1%), the Nasdaq (1.0%), and the Global Dow (0.9%).  Ten-year Treasury yields slipped to 4.20%.  Crude oil prices fell to $76.81 per barrel.  The dollar was flat, while gold prices rose 1.4%.

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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.