Recap of Last Friday's Trading in the US Stock Market and Year-to-Date Index Performance
Nasdaq approaches 100 hourly moving average
Performance of Major Indices:
Despite the gains on that day, the major stock indices had a downward trend in the first week of the new year. The Nasdaq Composite Index declined by 3.3%, the S&P 500 Index dropped by 1.5%, and the Dow Jones Industrial Average fell by 0.6%. This marked the first weekly decline for the major indices in ten weeks.
Bond Market Volatility:
The decline in the major stock indices also led to significant volatility in the bond market. The yield on the benchmark 10-year Treasury note fluctuated near the unchanged line and ultimately closed above 4.0%, marking the first time in four weeks.
Market Factors:
After a nine-week winning streak in 2023, the US stock market faced a challenging start to the new year. The Nasdaq Composite Index, which performed exceptionally well last year, set a record for the longest losing streak since 2022. Concerns over escalating tensions in the Middle East, overbought stocks and bonds, and apprehension that the Federal Reserve might not be able to quickly cut interest rates as expected were identified as reasons for the selling pressure.
Market Correction and Investor Sentiment:
Following a rebound, the market saw profit-taking. Investors are cautious about upcoming challenges. Market sentiment favors risk aversion. Despite a week of decline, the major US stock indices rebounded. The Nasdaq Composite Index surged 2.20%. The Dow Jones Industrial Average closed higher by 0.58% despite Boeing's stock decline. The final numbers show the Dow Jones Industrial Average rose by 0.58% to 37,683, the S&P 500 Index increased by 1.41% to 4,763.55, and the Nasdaq Composite Index gained 2.20% to 1,843.76. The Russell 2000 Index rose by 1.94% to 1,989.00.
Year-to-Date Index Performance:
As of now, the S&P 500 Index has declined by -0.13% year-to-date, while the Nasdaq Composite Index remains down by -1.1%. The Dow Jones Industrial Average has currently shown no change.
Performance of Major Indices:
Despite the gains on that day, the major stock indices had a downward trend in the first week of the new year. The Nasdaq Composite Index declined by 3.3%, the S&P 500 Index dropped by 1.5%, and the Dow Jones Industrial Average fell by 0.6%. This marked the first weekly decline for the major indices in ten weeks.
Bond Market Volatility:
The decline in the major stock indices also led to significant volatility in the bond market. The yield on the benchmark 10-year Treasury note fluctuated near the unchanged line and ultimately closed above 4.0%, marking the first time in four weeks.
Market Factors:
After a nine-week winning streak in 2023, the US stock market faced a challenging start to the new year. The Nasdaq Composite Index, which performed exceptionally well last year, set a record for the longest losing streak since 2022. Concerns over escalating tensions in the Middle East, overbought stocks and bonds, and apprehension that the Federal Reserve might not be able to quickly cut interest rates as expected were identified as reasons for the selling pressure.
Market Correction and Investor Sentiment:
Following a rebound, the market saw profit-taking. Investors are cautious about upcoming challenges. Market sentiment favors risk aversion. Despite a week of decline, the major US stock indices rebounded. The Nasdaq Composite Index surged 2.20%. The Dow Jones Industrial Average closed higher by 0.58% despite Boeing's stock decline. The final numbers show the Dow Jones Industrial Average rose by 0.58% to 37,683, the S&P 500 Index increased by 1.41% to 4,763.55, and the Nasdaq Composite Index gained 2.20% to 1,843.76. The Russell 2000 Index rose by 1.94% to 1,989.00.
Year-to-Date Index Performance:
As of now, the S&P 500 Index has declined by -0.13% year-to-date, while the Nasdaq Composite Index remains down by -1.1%. The Dow Jones Industrial Average has currently shown no change.
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