Stay Informed and Stay Ahead: Market Watch, May 24th, 2024.
Wall Street, Late-Week Market Recap Edition
Market Highlights & Analysis: Indices, Sectors, and More…
- Economic Data: Goods orders rise, May sentiment beats forecasts.
- Market Indices: DJIA up 0.01%, S&P 500 up 0.70%, Nasdaq up 1.10%.
- Sector Performance: 10/11 sectors up; Communication Services lead, Energy, Health Care lag. Top: Power, Renewables.
- Factors: Weekly gains driven by IPOs/ Mega, Large, Small-Cap Growth.
- Treasury Markets: Yields drop, except short-term Notes, Bills, slightly rise.
- Commodities: Oil, Silver, Gasoline, Wheat up; Natural Gas, Gold down.
- ETFs: GraniteShares COIN and ProShares UltraShort Natural Gas ETFs gain on high volume.
- Cryptos: ZCash and Ripple gain; Bitcoin and Ethereum dip.
US Market Snapshot: Key Metrics:
Moving Averages: DOW, S&P 500, NASDAQ:
NASDAQ Global Market Summary:
Sectors:
- 10 of 11 sectors higher; Communication Services (+1.29%) leading, Energy Health Care (-0.31%) lagging. Top industries: Independent Power and Renewable Electricity Producers (+4.86%), Automobiles (+2.73%), Automobile Components (+2.54%), and Construction & Engineering (+2.49%).
Factors:
- Broad-based weekly gains led by IPOs and Mega, Large and Small – Cap Growth.
Treasury Markets:
- Treasury yields mostly declined, except for shorter-term notes and bills, which saw slight increases.
Currency and Volatility:
- U.S. Dollar Index ^DXY: 104.74 (-0.37, -0.35%)
- CBOE Volatility ^VIX: 11.93 (-0.84, -6.58%)
- Fear & Greed Index: 53/TY 61/LY (Neutral/ Greed)
Commodity Markets:
- Crude Oil, Silver, Gasoline, and Wheat futures rose, while Natural Gas and Gold futures fell.
ETF’s:
- GraniteShares COIN and ProShares UltraShort Natural Gas ETFs led gains, both showing significant increases on larger volume.
Cryptos:
- ZCash and Ripple led gains, while Bitcoin and Ethereum saw minor declines.
US Economic Data:
- Durable goods orders increased, consumer sentiment improved in May, exceeding previous and forecasted values.
Notable Earnings Today:
- BEAT: Booz Allen Hamilton (BAH).
- MISSED: Industrias Penoles (IPOAF), Buckle (BKE).
Global Markets Summary: Asian & European Markets:
- Asian markets declined, while European markets were mixed with minimal change.
Central Banking and Monetary Policy, Noteworthy:
- UK. Consumer Confidence Improves as Inflation Cools Further – Wall Street Journal
- Biden to End Tariff Exclusions on Hundreds of Chinese Products – Bloomberg
Business:
- Norway’s Oil Fund to Vote Against Exxon Mobil Amid Shareholder Rights Concern – Wall Street Journal
- Lucid to Cut 400 Jobs in Latest Sign of Stress for EV Market – Bloomberg
China:
- 13 of China’s biggest fiscal manoeuvres to boost economy since the pandemic years – South China Morning Post
