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This past week, November 18–22, 2024, was a rollercoaster for the U.S. stock market, with the Dow Jones Industrial Average (DJIA) reaching new heights while the tech sector faced some bumps. Let’s dive into the highlights:
Major Indices Performance:
- Dow Jones Industrial Average (DJIA): The Dow soared by 1% on Friday, adding 422 points to close at a record 44,296.51.
- S&P 500: The S&P 500 increased by 0.3% on Friday, closing at 5,969.34, marking a 1.7% gain for the week.
- Nasdaq Composite: The Nasdaq rose 0.2% on Friday to end at 19,003.65, also achieving a 1.7% weekly gain.
Sector Highlights: AI has lost a bit of shine this week
- Retailers Shine: Gap Inc. surged 12.8% after reporting better-than-expected quarterly results and raising its annual sales forecast.
- Tech Sector Wobbles: Nvidia’s stock dropped over 3% despite being in a buy zone, due to a disappointing earnings outlook. Alphabet (Google) fell 1.7% amid potential regulatory pressures and competition from OpenAI.
- AI Investments: Amazon decreased by 0.6% as it invested another $4 billion in AI company Anthropic, doubling down on its AI initiatives.
Economic Indicators:
- Positive Signals: The Purchasing Managers’ Index and consumer sentiment showed improvements, indicating a strengthening economy.
- Inflation Expectations: Inflation expectations slightly decreased, providing some relief to investors concerned about rising prices.
Cryptocurrency Watch:
- Bitcoin Nears Record: Bitcoin hovered around $99,000, doubling its value this year, driven by expected regulatory changes and increased investor interest.
Looking Ahead:
Investors are keeping an eye on upcoming economic reports, including the Conference Board’s consumer confidence survey and the U.S. PCE index, which is the Federal Reserve’s preferred inflation measure.
Stay tuned for more market insights, and become a subscriber (if you haven’t already) to gain access to our famed stock picks – the DeepList, and receive timely analysis on each stock.
