 | AUTHOR: Jason Roque, CFP®, APMA®, AWMA® TITLE: Investment Adviser Rep – CCO TAGS: S&P 500, NASDAQ |
The year ended in the green for the week, month, quarter, and year! Can it continue or is there reason for pause?
Monday S&P 500 -% | NASDAQ -%
Merry Christmas!
Tuesday S&P 500 0.42% | NASDAQ 0.54%
Home prices grew by 6.3% year over year. Interest rates at auction continued to fall as anticipation builds towards rate cuts in 2024. It doesn’t take much for gains the week of Christmas as volumes remain low. Light good news can often signal gains without much going on during the week.
Wednesday S&P 500 0.14% | NASDAQ 0.16%
Yields continued lower, however oil prices firmed on Tuesday with some softening Wednesday as tensions persisted in the Red Sea. Equity gains moderated from Tuesday but remained in the green during the light volume week.
Thursday S&P 500 0.04% | NASDAQ 0.03%
Initial jobless claims rose to 218K for last week, however, remains very low. Crude Oil inventories came in much lower than expected. The lower inventories did no favors from oil pricing, but that in turn does help inflation concerns. Rates rebounded mildly on Thursday after falling over the last couple of sessions.
Friday S&P 500 0.28% | NASDAQ 0.56%
There was little to no news to close out the week. Yet, markets closed out the holiday shortened week on a down note. The move south was not enough to snuff out gains for the week, quarter, or the year.
Conclusion S&P 500 0.32% | NASDAQ 0.12%
2023 is in the books and the gains proved to be more robust than expected when the year started. The S&P 500 returned 24.2% for the year, while the NASDAQ returned 26.8%. A retrenchment in January would not be uncommon but should not lead to anything more severe. The Federal Reserve Board has rate cuts on tap for 2024. That move will generate optimism about consumer spending as the year wears on.
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