| Index | 12/31/2023 | 08/09/2024 | 08/16/2024 | % Change Week | % Change YTD |
| Dow Jones Industrial Average | 37,690 | 39,498 | 40,660 | 2.9% | 7.9% |
| S&P 500 | 4,770 | 5,344 | 5,554 | 3.9% | 16.5% |
| Nasdaq Composite | 15,011 | 16,745 | 17,632 | 5.3% | 17.5% |
| Russell Mid-Cap Index | 3,112 | 3,279 | 3,363 | 2.6% | 8.1% |
| Russell Small-Cap Index | 2,027 | 2,081 | 2,143 | 3.0% | 5.7% |
August, 16, 2024
Dear Friends –
The equity markets finished the week with a strong move to the upside bouncing back from last week’s declines. For the week the Dow, S&P and the Nasdaq gained 2.94%, 3.93% and 5.3%. The Russell Mid-Cap, Small-Cap and MSCI EAFE indexes added 2.56%, 2.98% and 3.81%. For the year the six indexes are up 7.9%, 16.5%, 17.5%, 8.1%, 5.7% and 6.6% respectively.
Stocks finished mixed to open the week Monday in a back-and-forth session ahead of some key inflation data due out later in the week. Eight of the 11 S&P sectors finished lower led by real estate, communication services and consumer staples with losses of 0.64%, 0.62% and 0.5%. Technology, energy and utilities were up 0.92%, 0.49% and 0.16%. Shares of Boeing, Procter & Gamble and Intel led the Dow lower with losses of 2.25%, 2.19% and 1.78%. Shares of Super Micro Computer and Nvidia led the Nasdaq higher with gains of 6.3% and 4.08%. The Dow closed down 141 points or 0.36%, at 39,357. The S&P was flat and the Nasdaq closed up 0.21%. The 10-year Treasury note was off four basis points to settle yielding 3.91%. Crude prices climbed over 3% to finish over $79.60 per barrel as tensions continue to rise in the Middle East.
The markets finished with solid gains Tuesday led by a rebound in big tech. Shares of Nvidia, Marvell Technologies and Arm finished up 6.5%, 5.9% and 5.7%. Elsewhere shares of Starbucks shot higher by nearly 25% to lead the Nasdaq after the company announced the hiring of Chipotle head Brian Niccol as its next CEO. Ten of the 11 S&P sectors finished higher led by technology, consumer discretionary and communication services with gains of 3%, 2.4% and 1.48%. In economic news the producer price index rose just 0.1% last month coming in below the 0.2% increase expected by economists. The Dow closed up 409 points or 1.04%, at 39,766. The S&P and the Nasdaq added 1.68% and 2.43%. Treasury yields fell with the 10-year note down six basis points at 3.85%. Crude prices fell 1.75% to close near $78.65 per barrel.
Stocks rose Wednesday following more positive news on inflation. Prices at the consumer level rose just 0.2% last month and 2.9% over the past 12 months. Economists were expecting 0.2% on the month and 3% for the past year. The major indexes moved higher on the news with the Dow leading the way after shares of American Express, Home Depot and Traveler’s gained 2%, 1.6% and 1.52%. Seven of the 11 S&P sectors finished higher led by financials, energy and technology with gains of 1.3%, 0.66% and 0.61%. Communication services, consumer discretionary and utilities led on the downside with losses of 0.91%, 0.41% and 0.1%. The Dow closed up 243 points or 0.61%, at 40,008. The S&P and the Nasdaq added 0.38% and 0.03%. The 10-year Treasury note was off one basis point at 3.84%. Crude prices fell 1.5% to settle near $77.15 per barrel.
The market shot higher again Thursday on more positive economic news. Retail sales in July rose 1% versus expectations of a 0.3% increase and weekly jobless claims fell more-than-expected. The positive data along with the reassuring inflation numbers brightened the outlook for investors who were concerned that the economy was slowing too quickly. Nine of the 11 S&P sectors finished higher led by consumer discretionary, technology and materials with gains of 3.38%, 2.54% and 1.5%. Real estate and utilities were lower down 0.34% and 0.02%. The Dow closed up 555 points or 1.39%, at 40,563. The S&P and the Nasdaq added 1.61% and 2.34%. The 10-year Treasury note rose eight basis points to settle at 3.92% on the encouraging retail sales data. Crude prices rose 1.4% to settle over $78 per barrel.
Stocks finished to the upside heading into the weekend Friday as the S&P finished off its best week of the year so far. Eight of the 11 S&P sectors finished higher led by financials, utilities and technology with gains of 0.62%, 0.4% and 0.26%. Industrials, energy and real estate closed down 0.19%, 0.14% and 0.04%. Shares of Boeing, Cisco and Verizon led the Dow higher with gains of 2.03%, 1.92% and 1.42%. The Dow closed up 97 points or 0.24%, at 40,660. The S&P and the Nasdaq gained 0.2% and 0.21%. The 10-year Treasury note ended down four basis points at 3.88%. Crude oil prices were off 1.8% at just over $76.70 per barrel.
Sonata
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