U.S. Stock Diary｜Three indexes hit new highs at the tail end of the market (Spencer Platt via Getty Images)
The Wall Street stock market performed significantly better, and there was support in the late market. The three major indexes closed at near highs throughout the day, the Nasdaq rose more than 1%, and the S&P 500 index hit a new high after recovering. The U.S. dollar strengthened, the U.S. dollar index was close to the 104 level, and oil prices fell. The market is looking forward to the Federal Reserve’s interest rate announcement results on Wednesday, as well as the performance of large companies.
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Market conditions on January 29 (Monday)
l The Dow Jones index rose 24.02 points, or 0.59%, to 38,333.45 points.
l The S&P 500 index rose 36.96 points, or 0.76%, to 4,927.93 points.
l The Nasdaq index rose 172.68 points, or 1.12%, to 15,628.04 points.
l New York March oil futures closed at US$76.78 a barrel, down US$1.23 or 1.6%.
l New York February gold futures closed at $2,025.4 an ounce, up 0.4%.
l The U.S. 10-year Treasury bond yield closed at 4.910%, down 6.9 points.
Large-scale technology stocks generally performed well, with Tesla rising 4.2%, Nvidia rising 2.3%, and Microsoft rising 1.4%. Some analysts pointed out that its market value will far exceed that of Apple within five years, and the latter is relatively weak.
JPMorgan Chase said that analyst Marko Kolanovic believes that there are still risks in the stock market in 2024. “Once the inflation data is not ideal, it may hit the bond and stock markets, because the risk market may once again reflect the possibility of a “hard landing” in stock prices. “For large-cap stocks and loans, which are now priced in with the probability of a recession close to zero, the strong rebound since late October has pushed credit and stocks into expensive valuation territory,” he added. “
David Kostin, head of U.S. equities at Goldman Sachs, said, “The most important driver of stock returns is growth, not changes in Treasury rates or the shape of the curve.” The S&P 500 hit a record high last week, while the 10-year U.S. Treasury bond rate has climbed steadily this year , up about 25 basis points. Kostin noted that his clients have questions about the interplay between interest rates and stocks. “During periods of strong economic growth, stocks typically deliver the highest returns, regardless of whether the yield curve is steep or flat.”
This week is the busiest week of the earnings season. Nearly 40 companies in the S&P 500 will report results, including large technology companies such as Microsoft, Apple, Meta, Amazon and Alphabet, as well as Dow components Boeing and Merck. .
The Federal Reserve will hold an interest rate meeting for two consecutive days starting on Tuesday. The market is almost certain to keep interest rates unchanged. According to data from the Chicago Stock Exchange, the market expects that the probability of keeping interest rates unchanged at this meeting is about 97%.
2024-01-29 23:03:38
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