Breaking Down Wall Street's First Week of 2024

The tech-heavy Nasdaq experienced a particularly downbeat week

Deputy Editor
Jan 5, 2024 at 1:20 PM
facebook X logo linkedin


The first week of 2024 didn't kick off like many were hoping. The holiday-shortened week started off with the Nasdaq Composite Index (IXIC) suffering a triple-digit deficit, though the Dow Jones Industrial Average (DJI) managed to eke out a win. The S&P 500 (SPX) and Dow quickly caught up with the tech-heavy Nasdaq in terms of losses, however, after the Federal Reserve's meeting minutes hinted that the central bank isn't quite ready to slash interest rates.

Investors eyed a slew of jobs data the latter half of the week, with Friday's nonfarm payrolls report coming in hotter than anticipated. Bond yields were in focus as well, with the 10-year Treasury yield rising above 4% by the end of the week. Despite Wall Street's midday lead Friday afternoon, all three benchmarks are marching towards weekly losses.

Stocks To Watch This Month & Year

Our 2024 stock picks report is out now, and among the 12 stocks we think will outperform this year are Cloudflare (NET) and Dropbox (DBX). Seasonality trends also provide some helpful insight for those looking to make bullish bets to start the year. Google parent Alphabet (GOOGL) is the best member of the 'Magnificent Seven' to own in January, while Electronic Arts (EA) is the best video game name. Meanwhile, among the stocks that tend to underperform in the first month of the year are Pfizer (PFE) and Qualcomm (QCOM).

New Year, New Corporate Moves

Some major names made big moves in the first week of the year. Peloton (PTON) inked an agreement with TikTok to create an online workout hub called #TikTokFitness. Eli Lilly (LLY) launched a new website that offers home delivery and telehealth options. Another pharmaceutical stock, Novo Nordisk (NOVO), popped after announcing new partnerships with both Cellarity and Omega Therapeutics (OMG). Finally, Southwest Airlines (LUV) looks like it will finally have to pay up for its 2022 holiday travel debacle that left more than 2 million travelers stranded.

Bank Earnings, Inflation Data Set to Start 2024

While the earnings docket has been relatively bare to start the year, reports from major banks are due out next week that are sure to excite investors. In addition, consumer price index (CPI) and producer price index (PPI) readings are on tap. Plus, breaking down Wall Street's bounce-back year, and why short-term traders should be weary of the rally.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI