2 weeks Ago
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Pharrel Wiliams/iStock via Getty Images Wall Street saw a volatile week, one in which the performance of all three major averages differed significantly from each other. The benchmark S&P ( SP500 ) halted its longest weekly win streak of the year, a span in which it took its number of record closes for 2024 to 47. Meanwhile, the blue-chip Dow ( DJI ) slumped for the week, weighed down by disappointing quarterly results and negative updates from its constituents.
Conversely, the Nasdaq Composite ( COMP:IND ) extended its weekly win streak to seven and took out a new record intraday high after 74 trading days. The S&P and Dow were dragged down by disappointing quarterly performances from industrial giants such as GE Aerospace ( GE ), 3M ( MMM ), Honeywell ( HON ), and Boeing ( BA ), and a slide in McDonald's ( MCD ) due to the fast-food giant being linked to an E. coli outbreak.
Additionally, a bond sell-off driven by a recalibration of Federal Reserve rate-cut expectations also put pressure on equities. The Nasdaq, on the other hand, got a boost from Tesla ( TSLA ). The electric vehicle giant ended up being a headline-maker after posting one of its strongest quarterly reports in a while and projecting as much as 30% deliveries growth in 2025.
The stock soared to its best day in over a decade, adding more to its market cap than the combined valuations of General Motors ( GM ) and Ford ( F ). The earnings season shifts into top gear next week, with investors receiving financial figures from five of the Magnificent 7 firms. That represents $12T in market cap, or 23.
2% of the S&P 500 alone, as per Deutsche Bank. For the week, the S&P ( SP500 ) slipped -1.0% , and the Dow ( DJI ) slid -2.
7% , while the Nasdaq Composite ( COMP:IND ) gained +0.2% . Read a preview of next week's major events in Seeking Alpha's Catalyst Watch.
Notable Ratings From SA Analysts Meta Platforms: Time To Exercise Caution by Millennial Dividends . Bitcoin: The Path To $117,000 (Technical Analysis) by Income Generator . S&P 500: Sentiment At Extreme Greed Well Before The Usual Year-End Rally by Stratos Capital Partners .
Weekly Movement U.S. Indices Dow -2.
7% to 42,114. S&P 500 -1% to 5,808. Nasdaq +0.
2% to 18,519. Russell 2000 -3.1% to 2,207.
CBOE Volatility Index +12.8% to 20.33.
S&P 500 Sectors Consumer Staples -1% . Utilities -1.9% .
Financials -2.1% . Telecom -0.
1% . Healthcare -3% . Industrials -2.
8% . Information Technology +0.2% .
Materials -4% . Energy -0.6% .
Consumer Discretionary +0.9% . Real Estate -1.
5% . World Indices London -1.3% to 8,249.
France -1.5% to 7,498. Germany -1% to 19,464.
Japan -2.8% to 37,889. China +1.
2% to 3,300. Hong Kong -1% to 20,590. India -2.
2% to 79,402. Commodities and Bonds Crude Oil WTI +3.9% to $71.
35/bbl. Gold +0.9% to $2,754.
6/oz. Natural Gas +13.4% to 2.
56. Ten-Year Bond Yield -0.2 bps to 4.
232. Forex and Cryptos EUR/USD -0.67% .
USD/JPY +1.86% . GBP/USD -0.
68% . Bitcoin -2.1% .
Litecoin -7.3% . Ethereum -7.
4% . XRP -5.9% .
Top S&P 500 Gainers Tesla ( TSLA ) +22% . Molina Healthcare ( MOH ) +12% . Tapestry ( TPR ) +12% .
Digital Realty Trust ( DLR ) +9% . Philip Morris International ( PM ) +8% . Top S&P 500 Losers Genuine Parts ( GPC ) -20% .
Mohawk Industries ( MHK ) -19% . Newmont ( NEM ) -16% . Universal Health Services ( UHS ) -14% .
Walgreens Boots Alliance ( WBA ) -14% . Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section..
