The Wednesday Roundup: February 28, 2024
Dow Jones Takes a Breather: The Dow Jones Industrial Average retreated slightly, closing down nearly 100 points, as the momentum from its recent push to record highs showed signs of stalling.
The biggest movers over the last week on price and volume (Mid Cap S&P 400 and Small Cap S&P 600)
Price and volume moves last week for every stock and sector (Mid Cap S&P 400 and Small Cap S&P 600)
Last week vs. history (Mid Cap S&P 400 and Small Cap S&P 600)
Market New Summary
Market Movement: A Mixed Bag as Dow Slips While Tech Gains
- Dow Jones Takes a Breather: The Dow Jones Industrial Average retreated slightly, closing down nearly 100 points, as the momentum from its recent push to record highs showed signs of stalling.
- S&P 500 and Nasdaq Inch Upward: In contrast to the Dow, the S&P 500 and Nasdaq Composite edged higher, with tech stocks contributing to the Nasdaq's gains amid a broader market that remains cautious.
- Bitcoin's Rally Elevates Crypto Stocks: As Bitcoin approaches its record high, stocks and ETFs tied to the cryptocurrency space saw an uptick, signaling renewed investor interest in the digital currency market.
- Treasury Yields on the Move: Long-term U.S. Treasury yields ended higher for the second consecutive day, with investors keeping a close eye on the upcoming Personal Consumption Expenditures (PCE) inflation data.
- Alphabet's AI Concerns Overblown?: Despite recent worries about Google's artificial intelligence development, some market watchers suggest that Wall Street's reaction may be excessive, pointing to the potential for Alphabet's continued growth.
- Retail and Tech Sector Updates: Macy's announced plans to close 150 stores as part of a growth strategy, while Zoom's stock jumped on strong results and future guidance boosted by its AI initiatives. Sony faced headwinds with job cuts following lower-than-expected PlayStation 5 sales.
- Biotech Buzz: Viking Therapeutics' shares surged, nearly doubling in value as the market reacted positively to the company's affordable entry into the competitive weight-loss drug market.
- Economic Indicators and Consumer Confidence: The latest economic data showed a drop in durable-goods orders, while consumer confidence dipped for the first time in months, possibly due to heightened political uncertainty.
- Real Estate Dynamics: The Case-Shiller index reported that home prices in major U.S. cities reached an all-time high in December, even as new home sales experienced a modest increase in January.
- Election 2024 Speculation: With the presidential election on the horizon, analysts are already considering the potential impact on various market sectors, weighing the implications of policy changes from potential candidates.
Investors remain attuned to a mix of corporate earnings reports, geopolitical developments, and economic data as they navigate a complex market landscape.
AI stock picks for the week (Large Cap S&P 500)
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