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1_28_24 Weekend Update

1_28_24 Weekend Update

January 28, 2024


Stock Market Activity Summary (Jan 22nd - Jan 27th, 2024):

Overall: The market ended the week mixed, with major indexes posting slight changes. Despite concerns about economic slowdown and upcoming Fed meeting, positive earnings reports and optimism about a "soft landing" scenario fueled gains in some sectors.

  • S&P 500 (SPX): Flat closing (4,868.55), marking the 12th out of 13 weekly rises.
  • Russell 2000 (RUT): Down 0.36% (2,105.22), continuing its lag behind larger indexes.

Sector Performance:

  • Technology: Mixed performance, with some tech giants like Apple and Alphabet rising, while others like Netflix fell.
  • Healthcare: Strong gains thanks to positive earnings reports.
  • Financials: Modest gains amid continued uncertainty about interest rates.
  • Energy: Upward trend due to rising oil prices.

Major Market Moving News:

  • Positive Q4 GDP report: Higher-than-expected growth (3.3%) boosted optimism about economic resilience.
  • Strong corporate earnings: Companies like Boeing, Johnson & Johnson, and Microsoft delivered better-than-anticipated results.
  • No "Fedspeak": Absence of comments from Federal Reserve officials left investors focused on earnings and economic data.

Upcoming Market Movers (Week of Jan 29th - Feb 3rd, 2024):

Announcements:

  • Federal Reserve Open Market Committee Meeting (Jan 31st - Feb 1st): The much-anticipated event where the Fed is expected to announce its latest decision on interest rates. While a rate hike is widely anticipated, the magnitude and future policy forecasts will be closely watched.
  • Non-farm payroll data (Feb 2nd): This key employment report could influence market sentiment regarding the strength of the labor market and potential implications for the Fed's policy decisions.

Major Company Earnings:

  • Tesla (TSLA): Feb 8th
  • Meta Platforms (META): Feb 1st
  • Amazon (AMZN): Feb 2nd
  • Alphabet (GOOGL): Feb 1st
  • Microsoft (MSFT): Jan 31st

Other potential catalysts: Geopolitical developments, economic data releases, and corporate news.

Note: This is a non-exhaustive list, and unforeseen events could also impact the market.