"S&P 500 Inches to Record, Manufacturing Caution"
Summary of Yesterday's Session
Yesterday, the $S&P 500(.SPX)$ made another attempt at a record close, reaching 4793 points before settling at 4783, marking a 0.04% gain.
DJIA: +0.14% to 37,710.10 - S&P 500: +0.04% to 4783.35 - Nasdaq: -0.03% to 15,095.14
Despite trading within 1% of the all-time high for the past two weeks, the index has shown resilience with a 34% rally since October 2022.
SP500
Key Events
In a week marked by holiday calm and reduced activity, trading volumes dipped to 2.7 billion shares on the NYSE, below the year-to-date average.
Attention turned to regional manufacturing indices, with the Richmond Fed index hitting -11 in December, indicating contraction, and similar negative trends observed in other regions.
Sector-wise, utilities and real estate outperformed, while energy and materials lagged. The Dow hit a record with $Nike(NKE)$ and 3M leading, while Chevron and Dow Inc faced declines. The $NASDAQ(.IXIC)$ edged down, and FAAMG stocks showed mixed movements. $Apple(AAPL)$ $Alphabet(GOOGL)$
$NVIDIA Corp(NVDA)$ stock has soared 239% this year and is the top performer in the S&P 500, on pace for its best annual performance since 2001, according to Dow Jones Market Data.
Market Scenario:
Approaching the year-end, the market remains close to its record, benefiting from changing interest rate expectations.
While the technology, communication services, and consumer discretionary sectors shone in 2023, negative signals emerged from regional manufacturing indices, indicating potential challenges for the US manufacturing sector.
$XLY
The market will closely watch the minutes from the recent Federal Reserve meeting and employment data, especially the December jobs report, as labor market performance will influence the trajectory of early 2024.
The outlook is tinged with uncertainties, and the market's reaction to economic developments and interest rate changes will remain a key element to monitor…
$VIX
Thanks for reading, support. You’re welcome.
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NVIDIA, AMAZON and MICROSOFT seem positioned well to benefit shareholders and investors in 2024. Keep a watch on their closest rivals, all of them will worth the merry to generate healthy Performance on your investments.
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Great ariticle, would you like to share it?
Great ariticle, would you like to share it?
Happy new year everyone. All the best in 2024.
Good read
Cool
Cool
Wow
Nngh
Caution
Nice