November 18, 2024
As of Market Close on November 15, 2024
Last week saw stocks close markedly lower as investors were discouraged by hawkish comments from Federal Reserve Chair Jerome Powell, who put a damper on the likelihood of another interest rate decrease this year. Among the market sectors, energy, financials, and utilities closed the week higher, while the remaining sectors ended the week in the red, led by health care, which saw stocks fall after President-elect Trump’s appointment of Robert Kennedy as secretary of the Department of Health and Human Services. Ten-year Treasury yields hovered near the highest level since June, reflecting the diminished probability of interest rate cuts. Crude oil and gold prices declined, while the dollar advanced. Read More
November 11, 2024
As of Market Close on November 8, 2024
Investors had plenty to think about last week as they focused on the results of the presidential election and the Federal Reserve’s move to further reduce interest rates (see below). Each of the benchmark indexes listed here closed up by the end of the week, with consumer discretionary, information technology, and financials outperforming. Bond prices ended the week higher, pulling yields lower. Crude oil prices rose to over $72.00 per barrel only to slip back a bit at the end of the week. The dollar inched higher, while gold prices declined. According to Freddie Mac, mortgage rates rose to 6.79% on November 7, the highest they’ve been in nearly four months. Read More
November 4, 2024
As of Market Close on November 1, 2024
Wall Street saw stocks end October with a whimper, although equities began November on a high note. Each of the benchmark indexes listed here closed last week lower, except the Russell 2000. A surprisingly weak jobs report (see below) at the end of the week was offset by solid earnings reports from a couple of tech giants. Analysts speculated that the October labor data was impacted by hurricane disruptions and a strike at a major airplane manufacturer. Consumer discretionary and communication services were the only market sectors to end the week higher. Utilities, real estate, and information technology fell the furthest. Ten-year Treasury yields reached the highest rate in nearly four months as the latest economic data favored a slightly more hawkish Federal Reserve. Crude oil prices closed the week with three consecutive days of gains, but not enough to recover from a downturn earlier in the week. Read More
October 28, 2024
As of Market Close on October 25, 2024
Tech shares helped the NASDAQ close up last week. The remaining indexes listed here didn’t fare as well. Renewed concerns about the Federal Reserve’s interest rate policy dampened investor appetite for risk. Bond prices also faded during the week, driving yields higher. Crude oil prices climbed higher as investors monitored ongoing tensions in the Middle East. Gold prices continued to advance and have risen over 33.0% from the beginning of the year. Read More
October 21, 2024
As of Market Close on October 18, 2024
Wall Street marked another week of gains, with each of the benchmark indexes climbing higher. The Dow and the S&P 500 attained new records, while the NASDAQ rode a spurt in tech and communication shares. Nine of the 11 market sectors closed the week higher, led by utilities, financials, and real estate. Health care and energy declined. Gold prices also reached new record highs, driven by global demand for safer assets and expectations of further interest rate cuts by major central banks. Crude oil prices declined, marking the largest weekly drop since the beginning of September. Weaker demand and slowing economic growth in China drove the downturn in crude oil prices. Read More
October 7, 2024
As of Market Close on October 4, 2024
Investors were confronted with plenty of market-moving information last week as they waded through negative developments and some positive signs. Growing tensions in the Middle East and a slowdown in the manufacturing sector (see below) were causes for concern, while a better-than-expected jobs report (see below) helped alleviate some of those worries, at least for a time. The S&P 500, the NASDAQ, and the Dow ended a very volatile week on the plus side, while the Russell 2000 and the Global Dow closed the week lower. Among the market sectors, energy surged by more than 8.5%, while communication services, financials, and industrials also closed higher. The remaining sectors declined, led by real estate and materials. Ten-year Treasury yields surged to their highest level in nearly two months as the robust labor report cooled expectations that the Federal Reserve needed to aggressively cut interest rates. Read More
September 30, 2024
As of Market Close on September 27, 2024
Wall Street enjoyed a solid week of gains following a rough start to the month. Each of the benchmark indexes listed here advanced, with the exception of the Russell 2000, which is generally the most volatile of the aforementioned indexes. Eight of the 11 S&P 500 market sectors closed the week ahead, led by materials and utilities. Only health care, financials, and energy declined. The personal consumption expenditures (PCE) price index, the preferred inflation indicator of the Federal Reserve, inched up 0.1% in August and 2.2% over the last 12 months, nearing the Fed’s 2.0% target. Signs of cooling inflationary pressures likely fueled expectations that the Fed may cut interest rates again this year. Gold prices hit a record high earlier in the week, only to pull back later. Crude oil prices fell below $70.00 per barrel. Read More
September 23, 2024
As of Market Close on September 20, 2024
The interest rate decrease by the Federal Reserve helped drive stocks higher last week. Each of the benchmark indexes listed here closed higher, led by the Russell 2000. Communication services, energy, and utilities were the best performing market sectors, while consumer staples, health care, and real estate lagged. Gold prices surged past $2,600.00 per ounce, hitting a new, record high on Friday. Crude oil prices advanced for the second straight week, while the dollar retreated following the drop in interest rates. Read More
September 16, 2024
As of Market Close on September 13, 2024
Equities rallied notably last week as investors awaited this week’s Federal Reserve meeting in anticipation of at least a 25.0-basis-point reduction in interest rates. Nine of the 11 market sectors ended last week higher, led by information technology. Only financials and energy lagged. The yield on 10-year Treasuries slipped to its lowest level since May 2023. Crude oil prices posted the first weekly advance in over a month. The dollar fell amid expectations of the aforementioned interest rate cut. Read More
September 9, 2024
As of Market Close on September 6, 2024
September has clearly gotten off to a rough start for Wall Street. Stocks plunged lower on fears of an economic decline and a waning labor market. Investors feared that the Federal Reserve, which is now more likely to drop interest rates by at least 50.0 basis points when it meets in a few weeks, may be responding too late. Tech stocks took a big hit with the NASDAQ falling nearly 6.0% last week and nearly 12.0% since July 10. Consumer staples, real estate, and utilities were the only market sectors to gain last week. Information technology declined 7.0%, posting the largest loss among the remaining sectors. Crude oil prices have fallen to levels not seen since 2023. Ten-year Treasuries saw their biggest weekly drop in five weeks, having fallen four straight days and seven of the last 10 days. Read More
