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3/4/24 Weekly Market Commentary

3/4/24 Weekly Market Commentary

March 04, 2024

What happened last week…         

The S&P 500 and NASDAQ notched back-to-back weekly gains with the tech-heavy NASDAQ achieving a new all-time high, surpassing its previous high in 2021. The technology sector (XLK) was the best performing sector for the week, up 2.66%. Year-to-date, the three major indices have performed as follows: DJIA (3.71%), S&P 500 (7.70%), NASDAQ (8.42%).

 

Apple (AAPL) has reportedly ended its decade-long project to release an electric vehicle and will instead redirect those resources to its artificial intelligence division. Although Apple declined comment, CEO Tim Cook said at Wednesday’s annual shareholders meeting the company is “investing significantly” in AI and “Later this year, I look forward to sharing with you the ways we will break new ground in generative AI.”

 

The GDP growth rate (second estimate) for Q4 2023 landed lower than expectations (3.3%) as it decreased to 3.2% from the prior estimated reading of 3.3%, which was a decline from the Q3 2023 reading of 4.9%—the highest since Q4 2021.

 

The manufacturing PMI for February missed expectations (49.5) as it decreased to 47.8 from 49.1, making it the 16th straight contractionary reading (below 50).

 

New home sales for January missed expectations (680,000) but increased to 661,000 from the downwardly revised 651,000 (from 664,000). The peak reading over the previous 12 months is 728,000 from last July.

 

This week…

The following companies report earnings this week: TGT, AVGO, COST.

 

On Tuesday, the non-manufacturing PMI for February is expected to decrease to 53.0 from 53.4, which was the highest reading in four months and the 13th straight month of an expansionary reading.

 

On Wednesday, the ADP employment change may increase to 150,000 from 107,000. On Friday, the unemployment rate is expected to remain at 3.7%, nonfarm payrolls are forecasted to decrease to 200,000 from 353,000, and average hourly earnings month-over-month are expected to decrease to 0.3% from 0.6%.


Thanks for Reading!

- The Rockline Team