FINANCIAL STOCK MARKET  WEEK Market Week: July 22, 2024 

"The market saw stocks come in with mixed returns,"  by Wendy Nelson 

The Markets (as of market close July 19, 2024)

The market saw stocks come in with mixed returns.  The Dow and the Russell 2000 advanced, while the Nasdaq, the S&P 500, and the Global Dow lost value.  The Dow reached three new records during the week, while the Nasdaq and the S&P 500 posted their worst week since April.  AI stocks led a downturn in tech shares as investors moved to small caps.  The CrowdStrike outage impacted flights, banks, telecoms, and media companies worldwide.  The market sectors ran the gambit of highs and lows, with energy (1.7%), financials (1.3%), and real estate (1.3%) climbing, while information technology (-4.6%) and communication services (-2.8%) declined.  Ten-year Treasury yields rose 5.0 basis points.  Crude oil prices declined on demand worries centered on China.  The dollar inched up, while gold prices dipped lower.

Wall Street began last week on a high note, with each of the benchmark indexes listed here closing higher.  The Dow reached a record high after climbing 0.5%.  The Nasdaq gained 0.4%, the S&P 500 added 0.3%, while the big gainer was the Russell 2000, which advanced 1.8%.  The Global Dow ticked down 0.2%.  Ten-year Treasury yields rose 4.0 basis points to reach 4.81%.  Crude oil prices fell $0.31 to settle at $81.90 per barrel.  The dollar and gold prices rose 0.1% and 0.2%, respectively.

Stocks pushed higher for the second straight day last Tuesday.  The small caps of the Russell 2000 gained 3.5%, followed by the Dow, which added 1.9% to record a new record.  The S&P 500 rose 0.6%, the Global Dow advanced 0.5%, and the Nasdaq ticked up 0.2%.  Industrial stocks made notable gains, while several companies reported better-than-expected second-quarter earnings.  Yields on 10-year Treasuries slid to 4.16%.  Crude oil prices fell again, closing at about $80.87 per barrel on weaker economic data from China.  The dollar was unchanged, while gold prices rose 1.8%.

Last Wednesday saw the Dow (0.6%) continue its record streak, and the Global Dow ticked up 0.2%.  The remaining benchmark indexes listed here declined, with the Nasdaq falling 2.8%, marking the worst day for that index since 2022.  The S&P 500 dropped 1.4%, and the Russell 2000 lost 1.1%.  Ten-year Treasury yields slid to 4.14%.  Crude oil prices reversed a run of losses after gaining $2.14 to settle at $82.90 per barrel.  The dollar fell 0.5%, and gold prices lost 0.3%.

Wednesday's tech rout continued last Thursday.  The small caps of the Russell 2000 lost 1.9%, while the Dow, which had a run of record highs, fell 1.3%.  The S&P 500 lost 0.8%, while the Nasdaq and the Global Dow declined 0.7%.  Investors took profits from tech shares in response to the potential negative impact export restrictions to China may have on the semiconductor market.  Yields on 10-year Treasuries climbed to 4.18%.  Crude oil prices slid to $82.29 per barrel.  the dollar gained 0.42%, while gold prices fell 0.7%.

Last Friday saw stocks close mostly lower, likely impacted by the CrowdStrike IT outage, which caused major disruptions worldwide.  The Global Dow fell 1.0%, while the Dow fell 0.9%.  The Nasdaq (-0.8%) and the S&P 500 (-0.7%) lost value for the third straight day.  The Russell 2000 dropped 0.6%.  Ten-year Treasury yields added 5.0 basis points to close at 4.23%.  Crude oil prices dipped $2.56 to settle at $80.26 per barrel.  The dollar inched up 0.2%, while gold prices fell 2.3%.

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• LAST WEEK'S ECONOMIC NEWS
• EYE ON THE WEEK AHEAD

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.