FINANCIAL STOCK MARKET  WEEK "Wall Street saw stocks close higher last week" January 15, 2024

The Markets (as of market close January 12, 2024)

Wall Street saw stocks close higher last week, despite dampening hopes of an interest rate reduction. Each of the benchmark indexes listed here rebounded from a slow start to the year by adding value last week. Some major financial companies posted lower-than-expected fourth-quarter earnings.  Information technology and communication services led the sectors, while energy and utilities underperformed.  Ten-year Treasury yields slipped lower. Crude oil prices retreated marginally.  The dollar was flat, while gold prices ticked higher.

Stocks closed sharply higher last Monday, led by a rally in tech shares. The Nasdaq jumped 2.2% as chip makers saw their stocks surge while megacaps outperformed.  The Russell 2000 added 1.9%, followed by the S&P 500 (1.4%), the Dow (0.6%), and the Global Dow (0.3%).  Ten-year Treasury yields dipped to 4.00%. Crude oil prices settled at $71.01 per barrel, down 3.80%.  The dollar and gold prices also declined.

Tech shares extended their rally to begin last Tuesday but lost momentum by the end of the day. The Nasdaq inched up 0.1%, the only benchmark index to close above water, while the remaining indexes tumbled lower. The small caps of the Russell 2000 lost 1.1%, the Global Dow fell 0.5%, while the large caps of the Dow (-0.4%) and the S&P 500 (-0.2%) dipped lower. Long-term bond values, which have fluctuated marginally during the first few weeks of the new year, slipped lower last Tuesday, sending yields on 10-year Treasuries up to 4.01%. Crude oil prices rose 2.0% to $72.17 per barrel.  The dollar gained 0.3%, while gold prices were flat.

Wednesday saw stocks advance, led by surging tech shares. The Nasdaq gained 0.8%, followed by the S&P 500 (0.6%) and the Dow (0.5%), while the Russell 2000 and the Global Dow inched up 0.1%. Ten-year Treasury yields ended the session marginally higher at 4.03%.  Crude oil prices declined 1.3% to $71.28 per barrel. The dollar and gold prices slid 0.2%.

Equities took a marginal step back last Thursday following news that consumer prices rose a bit more than expected (see below), dampening the prospects of an interest rate cut any time soon. The Russell 2000 dropped 0.8%, the S&P 500 and the Global Dow dipped 0.1%, while the Dow and the Nasdaq ended the day flat. Ten-year Treasury yields closed at 3.97%, down 5.3 basis points.  Crude oil prices rose 2.1% to $72.85 per barrel. The dollar was unchanged, while gold prices advanced 0.3%.

Stocks closed mixed on Friday with the Global Dow (0.3%) and the S&P 500 (0.1%) closing marginally higher, the Nasdaq was flat, while the Dow (-0.3%) and the Russell 2000 (-0.2%) declined. Ten-year Treasury yields ticked lower to close at 3.95%.  Crude oil prices rose 1.1% to $72.78 per barrel. The dollar gained 0.2%, while gold prices rose 1.6%.

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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.