2_18_24 Weekend Update and Market Outlook

2_18_24 Weekend Update and Market Outlook

February 18, 2024

Stock Market Activity Summary (Feb 11th - Feb 17th, 2024):

Overall: The market ended the week mixed, with major indexes experiencing some volatility. Positive earnings reports and economic data fueled gains in some sectors, while rising interest rate concerns and geopolitical tensions caused some investors to pull back.

  • S&P 500 (SPX): Down 0.17% (5,015.50), retreating slightly after two weeks of strong gains.
  • Russell 2000 (RUT): Up 0.20% (2,106.41), continuing its relative outperformance compared to the SPX.

Sector Performance:

  • Technology: Mixed performance, with some tech giants like Apple and Alphabet rising, while others like Netflix and Meta Platforms fell.
  • Healthcare: Continued gains driven by positive earnings reports.
  • Financials: Modest losses due to ongoing uncertainty about future interest rate hikes.
  • Energy: Upward trend following a slight rebound in oil prices.

Major Market Moving Announcements:

  • Consumer Price Index (CPI): Released Feb 14th, the report showed inflation cooled slightly to 6.4% year-over-year, providing some relief but still exceeding expectations. This reinforces the Fed's commitment to further tightening monetary policy.
  • Producer Price Index (PPI): Released Feb 16th, this report also showed a slowing in inflation, but at a rate lower than the CPI. This suggests potential continued pressure on consumer prices.

Upcoming Market Movers (Week of Feb 19th - Feb 24th, 2024):


  • Federal Open Market Committee (FOMC) Minutes: Released Feb 22nd, these minutes offer deeper insights into the Fed's recent rate decision and future policy stance. They will be closely analyzed for any indications about the pace and magnitude of future rate hikes.
  • National Association of Home Builders/Wells Fargo Housing Market Index: Released Feb 21st, this report measures builder confidence in the housing market, which can impact economic growth and related sectors.

Major Company Earnings:

  • Nvidia (NVDA): Feb 22nd
  • Qualcomm (QCOM): Feb 15th
  • Spotify (SPOT): Feb 22nd
  • AutoZone (AZO): Feb 23rd
  • Walmart (WMT): Feb 23rd

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.