Stock Market Update Monday January 22, 2024 All Time Highs Again for the Dow Jones Nasdaq100 and the S&P500. The indices surged higher, with the S&P gaining over 1% in almost no time. From there, the market retreated to just modest gains through midday, with the Nasdaq showing the most strength. In the afternoon, the indices essentially traded sideways for the rest of the session. The prevailing question revolves around the readiness of the market to experience another surge, as anticipated by many, or if an undertow might manifest. A potential source of insight could emerge during the upcoming earnings season, given that the predominant strength has thus far been observed in large-cap tech stocks and other technology-related equities propelled by the transient "AI narrative.
Away From Stocks: Treasurys also caught a bid with 2- and 30-year yields settling at 4.37% and 4.32%, respectively, down four and two basis points from Friday. WTI crude advanced towards $74.59 a barrel below our resistance level, gold ticked lower to $2,021 per ounce and the VIX closed at 13.19Â
Key Earnings Reports After the Close Tomorrow:
Netflix $NFLX
Texas Instruments $TXN
Steel Dynamics $STLD
Baker Hughes $BKR
Intuitive Surgical $ISRG
Nvidia 33%, Microsoft 23%, and Meta 8% accounted for a little over 64% of the gains in the S&P500 over the last 30 days.
Bitcoin is now down 15% since the launch of the Spot Bitcoin ETFs last week.
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