Market Recap - SEMICONDUCTOR STOCKS LEAD MARKET HIGHER, AGAIN

It Was Another Winning Week For The Stock Market. Small Cap Stocks Saw Some Rebound Action After Underperforming To Start The Year.

The Russell 2000 jumped 2.4% this week. The S&P 500 closed above 5,000 for the first time, drawing support from gains in the mega cap and semiconductor spaces. The PHLX Semiconductor Index (SOX) rose 5.3%. 

Many stocks participated, though, in a relatively broad advance. The equal-weighted S&P 500 gained 0.5% this week. There still has not been any concerted selling interest despite reports that the market is overbought in the short-term, which has acted as its own upside catalyst.

Another catalyst for the upside price action came in the form of positive responses to some earnings news. Ford,  Eli Lilly, DuPont, Arm Holdings, and Walt Disney were among the standout earnings-related winners this week.

Meanwhile, Amgen and PayPal were some of the more influential earnings-related laggards. 

Notably, this week's broad advance occurred despite sharp declines in Treasuries. The 2-yr note yield rose 12 basis points to 4.50% and the 10-yr note yield rose 16 basis points to 4.19%. 

The increased selling in Treasuries started last week in response to ongoing strength in economic data of late that has the market repricing rate cut expectations. This also followed comments from Fed Chair Jerome Powell last weekend, who said on 60 Minutes that the Fed needs to see more evidence that inflation is moving sustainably down to its 2% target before lowering rates.

This week's release of the January ISM Services PMI featured an acceleration in services sector activity in January, replete with a pickup in new orders, employment, and prices. The weekly jobless claims report showed a decrease in the number of claims.

Also, the annual CPI revisions were released this week, garnering added attention due to potential implications for the Fed's rate cut path. The revisions were relatively friendly since they did not alter the market's view on inflation much.

Treasuries did not respond favorably to this week's slate of strong auctions, including a $25 billion 30-yr bond offering, a $54 billion 3-yr note sale, and $42 billion 10-yr note auction.

The probability of a 25 basis points rate cut to 5.00-5.25% at the May FOMC meeting is 63.1% now, down from 73.2% one week ago, according to the CME FedWatch Tool.

• Nasdaq Composite: +2.3% for the week / +6.5% YTD

• S&P 500: +1.4% for the week / +5.4% YTD

• Dow Jones Industrial Average: +0.04% for the week / +2.6% YTD

• S&P Midcap 400: +1.5% for the week / +1.0% YTD

• Russell 2000: +2.4% for the week / -0.8% YTD

Market Recap - GAINS BROADEN OUT AS EARNINGS SEASON ROLLS ON

The Stock Market Logged Gains This Week, Which Brought The S&P 500 To Fresh Record Highs.

Gains were more broad based compared to last week, which featured the outperformance of mega cap stocks. The market-cap weighted S&P 500 climbed 1.1% this week.

The broadening out of buying activity left eight of the 11 S&P 500 sectors higher this week. The energy sector saw the largest gain, jumping 5.2%, followed by the communication services sector, which gained 4.5%. The three laggards to log a decline were consumer discretionary (-1.4%), real estate (-0.5%), and health care (-0.2%).

The consumer discretionary sector was clipped by a big loss in shares of Tesla, which dropped 13.6% this week after disappointing earnings and guidance. Microsoft was a winning standout from the mega cap space, topping a $3 trillion market cap for the first time this week.

Other notable names that disappointed with earnings and/or guidance in addition to Tesla included Humana, 3M, Johnson & Johnson, AT&T, DuPont, and Kimberly-Clark.

Intel, Texas Instruments, and KLA Corporation also sold off after reporting quarterly results, which weighed on the broader semiconductor space and offset earnings-related strength in ASML. The PHLX Semiconductor Index dropped 0.8% this week.

Companies that received positive reactions to earnings results and/or guidance included Netflix, United Airlines, Verizon, and Procter & Gamble.

This week brought some pleasing data in terms of ongoing strength in the economy and cooling inflation. The Advance Q4 GDP report showed that real GDP rose 3.3% versus an expected 2.0% and the GDP Price Deflator increased 1.5% versus an expected 2.8%.

Personal income increased 0.3% month-over-month in December, as expected, but personal spending increased a much stronger-than-expected 0.7% (Briefing.com consensus 0.4%). The inflation gauges were spot-on with expectations. The PCE Price Index was up 0.2% month-over-month and so was the core-PCE Price Index, which excludes food and energy.

With the December changes, the PCE Price Index was up 2.6% year-over-year, unchanged from November, and the core PCE Price Index was up 2.9% -- the lowest since March 2021 -- versus 3.2% in November.

Treasuries settled little changed from last Friday following the pleasing economic releases. The 10-yr note yield settled one basis point higher at 4.16% and the 2-yr note yield dropped five basis points this week to 4.36%. This price action followed Wednesday's $61 billion 5-yr note auction, which met poor demand, and Tuesday's strong $60 billion 2-yr note sale. 

In other news, the People's Bank of China cut its required reserve ratio for commercial banks by a 50 basis points.

• Nasdaq Composite: +0.9% for the week / +3.0% YTD

• S&P 500: +1.1% for the week / +2.5% YTD

• Dow Jones Industrial Average: +0.7% for the week / +1.1% YTD

• S&P Midcap 400: +0.8% for the week / -0.6% YTD

• Russell 2000: +1.8% for the week / -2.4% YTD

Market Recap - S&P 500 HITS FRESH RECORD HIGH ON STRONG MEGA CAP AND SEMICONDUCTOR SHARES

This Abbreviated Week Closed On A Strong Note. The S&P 500 Is Sitting At A Fresh Record High (4,839.81) And Is Up 1.5% For The Year.

The Nasdaq Composite is up 2.0% for the year thanks to this week's gain and the Dow Jones Industrial Average is up 0.5%.

Gains were largely driven by outperforming mega cap and semiconductor shares. The PHLX Semiconductor Index jumped 8.0% this week. NVIDIA was a standout winner, registering a 8.7% gain. 

The broader market saw softer price action due to rising market rates as participants recalibrated rate cut expectations due to comments from some Fed officials and more strong economic data that is not likely to persuade the Fed to cut rates as soon, or as much, as the market hoped. The 2-yr note yield jumped 26 basis points to 4.41% and the 10-yr note yield climbed 20 basis points to 4.15%.

Fed Governor Waller (FOMC voter) indicated that the Fed could begin cutting rates this year, but reiterated the Fed's estimate for three cuts rather than six cuts that the market expects.

The December Retail Sales report, the Housing Starts data for December, and weekly initial jobless claims were all stronger than expected and the preliminary reading of the University of Michigan's Consumer Sentiment Index for January was well ahead of estimates, hitting its highest level since July 2021 with year-ahead inflation expectations decelerating to 2.9% from 3.1%, a rate not seen in just over three years.

The implied likelihood of a 25-bps cut at the March FOMC meeting now sits at 45.4% versus 81.0% last Friday.

Market participants were also digesting more earnings results from the likes of Goldman Sachs, Morgan Stanley, and Dow component Travelers, which garnered mixed reactions. 

Five of the 11 S&P 500 sectors registered gains this week. The heavily-weighted information technology sector was the top gainer by a wide margin, jumping 4.3% thanks to the strength in NVDA and its other mega cap components. Meanwhile, the rate-sensitive utilities (-3.7%) and real estate (-2.1%) sectors saw some of the largest declines.

• Nasdaq Composite: +2.3% for the week / +2.0% YTD

• S&P 500: +1.2% for the week / +1.5% YTD

• Dow Jones Industrial Average: +0.7% for the week / -0.5% YTD

• S&P Midcap 400: +0.5% for the week / -1.5% YTD

• Russell 2000: -0.3% for the week / -4.1% YTD

Market Recap - BUSY WEEK ENDS WITH GAINS

The Stock Market Closed Higher, Which Marks Its Tenth Week Of Gains In 11 Weeks.

The S&P 500, which briefly traded above its all-time high close on Friday, recovered all of last week's losses, leaving the index up 0.3% for the year.

Strength in mega cap stocks had an outsized impact on index performance.

The best performing S&P 500 sectors all house mega cap constituents. The information technology (+4.9%), communication services (+3.4%), and consumer discretionary (+1.5%) sectors saw the largest gains on the week. Meanwhile, the energy sector logged the steepest decline (-2.4%).

The financial sector was another underperformer, closing down 0.5% for the week. On a related note, the Q4 earnings reporting period started on Friday and included results from Bank of America, and Wells Fargo, JPMorgan Chase, and Citigroup. 

Dow component UnitedHealth and Delta Air Lines were also among the notable names that reported earnings. Overall, quarterly results were met with negative reactions and set a tepid tone as participants look ahead to upcoming earnings results. Also, Microchip Technology issued a Q4 revenue warning that was tied to a weakening economic environment.

In other corporate news, Boeing sank 12.6% this week after 737 MAX 9 jets were grounded in response to a fuselage blowout on an Alaska Airlines flight.

This week's economic data painted a somewhat mixed picture. The Consumer Price Index (CPI) report for December was slightly hotter than the market's hopeful expectations and weekly initial jobless claims remain below recession-like levels. Meanwhile, the Producer Price Index was cooler than expected. 

Market participants recalibrated rate cut expectations despite the generally mixed economic data, suggesting the market doesn't believe inflation is likely to reaccelerate. The fed funds futures market now sees a 79.4% probability of a 25 basis points rate cut at the March FOMC meeting versus a 73.2% probability yesterday and a 68.1% probability one week ago.

The price action in the Treasury market reflected this recalibration. The 2-yr note yield, which is most sensitive to changes in the fed funds rate, sank 24 basis points to 4.15%. The 10-yr note yield fell nine basis points this week to 3.95%. 

In other news, geopolitical angst was piqued after the United States and the UK conducted strikes against military targets in Houthi-controlled areas of Yemen.

• S&P 500: +1.8% for the week / +0.3% YTD

• Nasdaq Composite: +3.1% for the week / -0.3% YTD

• Dow Jones Industrial Average: +0.3% for the week / -0.3% YTD

• S&P Midcap 400: +0.6% for the week / -1.9% YTD

• Russell 2000: UNCH for the week / -3.8% YTD

Market Recap - MARKET BREAKS WINNING STREAK TO START 2024

The Stock Market Registered Losses Following Nine-Straight Weeks Of Gains To Close Out 2023.

Profit-taking activity in the mega cap stocks, and other stocks that outperformed last year, contributed to the downbeat price action. 

Apple was a standout loser, dropping nearly 6.0%, after two analyst downgrades and news that the DOJ is getting close to filing an antitrust case against Apple, according to The New York Times.

Notably, areas of the market that held up better this week compared to mega caps were either left out of the last year's gains or saw less robust gains than the mega cap stocks. The Russell 3000 Growth Index sank 2.8% versus a 0.6% decline in the Russell 3000 Value Index.

The only three S&P 500 sectors to register a decline in 2023 saw some of the largest gains this week. The utilities sector, which fell 10.2% last year, logged a 1.8% gain this week. The energy sector, which declined 4.8% in 2023, climbed 1.1% this week. The consumer staples sector, which fell 2.2% last year, closed with a 0.03% gain this week. 

The health care sector was another top performer, registered a 2.1% gain. It was also among the worst performing sectors last year, eking out a 0.3% gain.

Meanwhile, the heavily-weighted information technology (-4.1%) and consumer discretionary (-3.5%) sectors saw the largest declines after outperforming last year.

In addition to profit-taking activity, rising market rates also contributed to the negative bias this week after the 10-yr yield passed 4.00%. The 10-yr note yield climbed 16 basis points to 4.04% and the 2-yr note yield rose 14 basis points to 4.39%.

The price action in Treasuries was partially due to a recalibration of rate-cut expectations after the Minutes from the December 12-13 FOMC meeting were less dovish than hoped. In discussing the policy outlook, the committee viewed the policy rate as likely at or near its peak for this tightening cycle. The Fed made it clear, however, that it isn't divorcing itself entirely from the idea that it might still have to raise rates again.

Some economic releases on Friday added to the rate-cut uncertainty. The December Employment Situation Report featured better than expected nonfarm payrolls, average hourly earnings, and a steady unemployment rate versus expectations for an increase. The December ISM Services PMI showed a larger than expected deceleration in December service sector growth. 

The solid employment numbers may keep the Fed from cutting rates as much as the market had expected, whereas the soft reading for business activity in the nation's largest sector would perhaps keep the Fed aligned with the market's rate-cut expectations.

The probability of a 25 basis points rate cut to 5.00-5.25% at the March FOMC meeting is 68.3% versus 88.5% last week.

In other news, geopolitical worries intensified in the Red Sea after Iran sent a warship there in response to the U.S. destroying three Houthi boats.

• Dow Jones Industrial Average: -0.6% for the week / -0.6% YTD

• S&P 500: -1.5% for the week / -1.5% YTD

• S&P Midcap 400: -2.5% for the week / -2.5% YTD

• Nasdaq Composite: -3.3% for the week / -3.3% YTD

• Russell 2000: -3.8% for the week / -3.8% YTD

Market Recap - MARKET CLOSES 2023 WITH NINE-WEEK WIN STREAK

The Three Major Indices Closed 2023 With A Nine-Week Win Streak.

Participation was below-average throughout most of the week as investors looked ahead to another extended holiday weekend. Markets will be closed on Monday for New Year's Day.

Another factor that kept participation light was understanding that stocks have made big moves higher since October, which had the S&P 500 approaching its all-time high close (4,796.56) this week. The S&P 500 reached 4,793.30 at its high on Thursday, but backed off by the close and logged a slim decline on Friday.

Small cap stocks underperformed this week, leaving the Russell 2000 down 0.3%. That loss leaves the index up 12.1% in December and 15.1% this year. The S&P 500 and Nasdaq Composite registered gains of 4.4% and 5.5%, respectively, in December, which leaves them up 24.2% and 43.4%, respectively, for the year.

Four of the S&P 500 sectors declined this week while seven sectors logged gains. The energy sector (-1.4%) was the worst performer by a decent margin, followed by the consumer discretionary (-0.4%) and communication services (-0.4%) sectors. Meanwhile, the utilities (+1.1%) and consumer staples (+1.1%) sectors saw the largest gains.

Only three sectors declined in 2023 -- utilities (-10.2%), energy (-4.8%), and consumer staples (-2.2%) -- while the information technology (+56.4%), communication services (+54.4%), and consumer discretionary (+41.0%) sectors saw the biggest gains by far thanks to their mega cap constituents.

Notably, the 10-yr note yield closed the year unchanged at 3.88% after reaching an intraday high yield of 5.02% in mid-October. The 2-yr note yield declined 17 basis points this year to 4.25%.

• Nasdaq Composite: +0.1% for the week / +43.4% YTD

• S&P 500: +0.3% for the week / +24.2% YTD

• Russell 2000: -0.3% for the week / +15.1% YTD

• S&P Midcap 400: -0.2% for the week / +14.5% YTD

• Dow Jones Industrial Average: +0.8% for the week / +13.7% YTD

Market Recap - ANOTHER WINNING WEEK AHEAD OF THE HOLIDAY WEEKEND

The Market Logged Its Eighth Straight Week Of Gains Ahead Of The Extended Holiday Weekend.

That didn't alter the stock market's prevailing disposition, however. It was another winning week for the major indices, which were supported by some generally broad‐based buying interest.

The same factors that fueled the big run off late October lows were in play this week. Namely, a drop in market rates, an optimistic outlook on the economy, a fear of missing out on further gains, and an increase in speculative trading in the absence of concerted selling activity. The last factor drove the outperformance of the Russell 2000, which climbed 2.5% this week.

Gains were relatively broad‐based, leaving ten of the 11 S&P 500 sectors higher for the week. The lone sector that declined 1.3% was the rate‐sensitive utilities sector. Meanwhile, the communication services sector registered the biggest gain by a wide margin (+4.1%), benefitting from outsized gains in its largest components. Meta Platforms (META) jumped 5.5% this week and Alphabet (GOOG) increased 6.6%.

The next best performing sectors were the economically sensitive energy (+1.7%) and materials (+1.1%) sectors, reflecting the positive sentiment around the economic outlook.

Micron (MU) was an individual winner of note after better‐than‐expected earnings results and guidance. On the flip side, FedEx (FDX) and NIKE (NKE) both registered big losses on the week after disappointing with guidance. The overall market wasn't too worried about the disappointing guidance from some individual stocks, though.

Economic data remains consistent with a soft landing scenario for the economy. The November Personal Income and Spending report showed a healthy 0.4% increase in real disposable personal income, a 0.3% increase in real spending, and disinflation in both the PCE and Core PCE Price Indexes (the Fed's favored inflation gauge).

Housing starts were much stronger than expected in November, consumer confidence increased in December, and the level of initial claims is still a long way from being associated with levels registered during a recession.

Continued buying interest in the Treasury market was partially in response to economic data. The 2‐yr note yield settled ten basis points lower this week at 4.33%. The 10‐yr note yield declined two basis points this week to 3.90%.

Activity in the Treasury market was also supported by some safe‐haven trading after geopolitical angst was stirred this week. Specifically, several shipping companies, including BP, rerouted ships away from the Red Sea because of attacks on vessels by Houthi militants.

As a reminder, markets are closed on Monday for Christmas Day.

• Nasdaq Composite: +1.2% for the week / +43.3% YTD

• S&P 500: +0.8% for the week / +23.8% YTD

• Russell 2000: +2.5% for the week / +15.5% YTD

• S&P Midcap 400: +1.5% for the week / +14.7% YTD

• Dow Jones Industrial Average: +0.2% for the week / +12.8% YTD

Market Recap - Dovish Fed Induces Market Rally

It Was A Busy Week For The Stock Market That Left The Major Indices With Solid Gains.

The Dow Jones Industrial Average closed at a new record high on Thursday, building on that during Friday's session, while the S&P 500 closed above 4,700 at its highest level since January 2022.

Friday's close marked seven consecutive winning weeks for the major indices. 

Stocks surged after the market learned that the FOMC voted unanimously to leave the target range for the fed funds rate unchanged at 5.25-5.50%. This was accompanied by an updated Summary of Economic Projections that featured an improved growth outlook for 2023, a lowered inflation outlook for 2023 and 2024, and a median estimate of three rate cuts in 2024 versus a previous estimate of two rate cuts.

Fed Chair Powell also acknowledged in his press conference that the FOMC discussed when it will become appropriate to begin dialing back its policy restraint. Notably, however, New York Fed President Williams (FOMC voter) in a CNBC interview seemingly contradicting Mr. Powell's remarks. He said that the Fed isn't really talking about rate cuts right now and that it is premature to think about the timing of rate cuts.

Atlanta Fed President Bostic (2024 FOMC voter) told Reuters, meanwhile, that he expects two rate cuts in 2024, starting in the second half of the year.

The fed funds futures market had been pricing in two rate cuts in 2024 ahead of the FOMC meeting, but it is now pricing in six (!) rate cuts for 2024 with the first cut coming in March.

Other central banks followed the Fed's lead and left their respective rates unchanged, too. The ECB left its corridor of key policy rates unchanged, as expected, along with the Bank of England, the Swiss National Bank and Hong Kong Monetary Authority. Notably, however, ECB President Lagarde and officials at other banks indicated that they are further away from rate cuts after Fed Chair Powell disclosed that the FOMC had began discussing rate cuts.

The Treasury market also had a strong rally in response to the Fed's dovish pivot. The 2-yr note yield dropped 28 basis points to 4.46% and the 10-yr note yield plunged 30 basis points to 3.93%. The 10-yr note yield falling below 4.00% acted as added support for equities this week.

Just about everything came along for the upside ride in the stock market. Only one of the S&P 500 sectors registered a loss -- communication services (-0.1%) -- while the rate-sensitive real estate sector jumped 5.3%. 

Other top performing sectors included materials (+4.0%), consumer discretionary (+3.5%), and industrials (+3.6%).

Economic data was mostly consistent with the soft landing narrative. The November Consumer Price Index was mostly in-line with expectations, although core CPI was somewhat sticky, while the November Producer Price Index showed some welcome disinflation. Retail sales rebounded in November from a slump in October and weekly jobless claims are still running below recession levels.

The latter half of the week featured heavier-than-normal volume at the NYSE and Nasdaq due in part to a huge quarterly options and futures expiration on Friday. Increased activity was also related to a rebalance of the S&P 500 and Nasdaq 100.

• Nasdaq Composite: +2.9% for the week / +41.5% YTD

• S&P 500: +2.5% for the week / +22.9% YTD

• Dow Jones Industrial Average: +2.9% for the week / +12.5% YTD

• S&P Midcap 400: +4.3% for the week / +13.0% YTD

• Russell 2000: +5.6% for the week / +12.7% YTD

Market Recap - MARKET CLOSES FLATTISH AMID CROSSCURRENTS

The Major Indices Closed The Week With Modest Gains.

There was not a lot of conviction from either buyers or sellers due in part to a growing sense that the market is overbought on a short-term basis. For the S&P 500, Friday's close at 4,604 marked an 11.8% rise off its October 27 low (4,117) and set a new 52-week high for the index. 

Alphabet was a winning standout from the space, gaining 2.5% on the week after jumping more than 5.0% during Thursday's session following its Gemini AI model reveal.

That more helped propel the communication services sector to a 1.4% gain this week. The consumer discretionary sector was another top performer, climbing 1.1%. Meanwhile, the energy sector saw the largest decline (-3.3%) as oil prices dropped 3.5% to $71.18/bbl. The materials (-1.7%) and consumer staples (-1.3%) sectors also registered noticeable declines. 

Market participants were dealing with some crosscurrents this week. Renewed concerns about global growth emerged after Moody's downgraded China's credit outlook to Negative from Stable, which was tied in part to concerns about structurally weaker growth prospects, and the October JOLTS - Job Openings Report showed the lowest number of job openings (8.733 million) since March 2021.

Other economic data, however, fit with the soft-landing narrative for the economy. That was good news for earnings, but may be bad news for rate-cut expectations. The ISM Non-Manufacturing Index for November rose to 52.7% from 51.8%, the weekly jobless claims numbers remain consistent with a robust labor market, the November Employment Situation report was deemed solid overall, and the preliminary University of Michigan Index of Consumer Sentiment for December was stronger than expected. 

The fed funds futures market is no longer pricing in a rate cut in March following this week's data, but it still sees a strong likelihood of a cut in May (78.5% on Friday), according to the CME FedWatch Tool.

Treasuries settled the week with losses, largely in response to the release of the jobs report on Friday. The 2-yr note yield climbed 18 basis points to 4.74% and the 10-yr note yield rose two basis points to 4.25%. This price action put some renewed pressure on the 2s10s spread, which tightened by 16 bps to -49 bps.

In other news, cryptocurrencies made big moves higher this week, leaving Bitcoin at $44,241.

• Nasdaq Composite: +0.7% for the week / +37.6% YTD

• S&P 500: +0.2% for the week / +19.9% YTD

• Dow Jones Industrial Average: UNCH for the week / +9.4% YTD

• S&P Midcap 400: +0.3% for the week / +8.3% YTD

• Russell 2000: +1.0% for the week / +6.8% YTD

Market Recap - YIELDS FALL, RATE CUT EXPECTATIONS RISE, AND STOCKS REGISTER GAINS

The Stock Market Closed Out The Month Of November With Solid Gains And Began The Month Of December On A Positive Note.

Friday's close marked a new 52-week high for the S&P 500, which brushed up against the 4,600 level at its high of the day.

Only two of the S&P 500 sectors logged a decline, communication services (-2.5%) and energy (-0.1%). The rate-sensitive real estate sector (+4.6%) saw the biggest gain, followed by materials (+2.6%), industrials (+2.1%), and financials (+2.1%).

There was likely some fear of missing out on further gains in this seasonally strong period for the market contributing to the positive action this week, but the biggest driving factors were interest rates and rethinking rate cuts in the first half of 2024.

The 2-yr note yield, which is most sensitive to changes in the fed funds rate, plunged 39 basis points this week to 4.56%. The 10-yr note yield declined 24 basis points to 4.23%. 

Also, the fed funds futures market now sees a much higher probability of a rate cut in May (89.0%) compared to one week ago (47.8%), according to the CME FedWatch Tool.

Some Fed officials pushed back on the idea that rate cuts will occur in the first half of 2024, but that did not deter investors. Richmond Fed President Barkin (2024 FOMC voter), Fed Governor Bowman (FOMC voter), and Fed Chair Powell all made comments this week indicating that they believe it is premature to talk rate cuts.

Investors received a slate of economic data this week that continue to look consistent with a soft landing scenario for the economy. Notable releases included: a stronger than expected November Consumer Confidence Index, an upward revision to Q3 real GDP to 5.2% from 4.9%, a moderation in income and spending, and disinflation in the PCE Price Indexes in October, a much stronger-than-expected Chicago PMI for November, and a relatively low level of initial jobless claims.

Market participants were also digesting more earnings news that was generally met with positive responses. Some of the most notable earnings news was the better-than-expected results from software enterprise names such as Snowflake and Elastic. Dow component Salesforce was another big winner after reporting earnings.

In other news, several OPEC+ countries confirmed additional voluntary cuts to the total of 2.2 million barrels per day, beginning January 1 through the end of March 2024. WTI crude oil futures declined 1.5% this week to $74.07/bbl.

• Nasdaq Composite: +0.4% for the week / +36.7% YTD

• S&P 500: +9.6% for the week / +19.7% YTD

• Dow Jones Industrial Average: +2.4% for the week / +9.4% YTD

• S&P Midcap 400: +2.6% for the week / +8.0% YTD

• Russell 2000: +3.1% for the week / +5.8% YTD