2024-01-08 14:50:57
If the end of 2023 was a feast for the stock market, the start of 2024 feels like a hangover after the feast.
“Barron’s” reported that the “Big Seven” technology companies will lead the rise of U.S. stocks for most of 2023.But last week, technology stocks dominatedNasdaq Composite Indexdown 3.25%. After analysts repeatedly downgraded Apple (AAPL-US) stock ratings, Apple fell 5.9% last week, the worst performer among the “Big Seven.”
S&P 500 Indexfell 1.5% last week,Dow Jones Industrial Averagefell 0.6%, both snapping nine consecutive weeks of gains.
After the non-farm employment data was released last Friday (5th), the 10-year US Treasury bond yield exceeded 4%. At first glance, the employment data for December were very strong, with 216,000 new jobs created during the month, higher than market expectations of 173,000, and the unemployment rate also held steady at 3.7%.
“Barron’s Weekly” said that under the surface, employment growth decreased by 71,000 in October and November last year. This mixed message left the market swinging and unable to decide what this meant. It will keep interest rates unchanged to curb economic overheating, or it plans to cut interest rates before the economy achieves a soft landing and small “cracks” in the labor market do not become larger.
Investors may be reluctant to make any big moves in the first few weeks of the year because of this uncertainty. Guy Ortmann, senior technical analyst at RF Lafferty & Co., wrote in a research report: “There is no sign in the technical charts or data that the market correction is over, and caution is still the most important, because the market may It continues to fall.”
But a weak start to the year doesn’t mean there will be weakness throughout the year. Since 1928,S&P 500 IndexThe first four trading days of the new year have been down only twice, and not last week; and in the past two years, the index has ended up rising for the year.
Earnings season kicks off on Friday, when major banks, airlines and healthcare companies are expected to report earnings that could determine whether the stock market continues to fall. CEOs’ views on the outlook for 2024 may be more important than last year’s fourth-quarter financial data, especially as the market expects corporate profits to grow 11.6% in 2024.
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