Dow Endures Rocky Start to Second Quarter

Gold prices hit record highs all week

Deputy Editor
Apr 5, 2024 at 2:30 PM
facebook X logo linkedin


Last week's stellar first-quarter finish was followed up by a fairly brutal start to the month, particularly for the Dow Jones Industrial Average (DJI). The blue-chip index notched four-straight daily losses, three of which were in the triple digits, and marked its worst day in over a year on Thursday with a 530-point drop. Though things appear to be turning around at this point on Friday, the Dow is still headed for its worst week since August. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also pulled back from their recent record highs and are headed for losing weeks. Overall, rising Treasury yields weighed on the market this week, as well as several comments from Federal Reserve members regarding rate cuts this year

This Week's Commodities Updates

Gold and oil prices surged this week, with gold hitting a string of record highs as the front-month June contract rose above $2,300 for the first time ever. Gold stocks rose in response, including Barrick Gold (GOLD) and Royal Gold (RGLD). Oil's rampant run can be attributed to rising tensions in the Middle East, particularly between Israel and Iran. 

Stock Signals to Watch Right Now

According to Schaeffer's Senior Quantitative Analyst Rocky White, energy stock EQT Corp (EQT) is one of the 25 best stocks to own in April. Plus, retailer Williams-Sonoma (WSM) could notch new record highs given its technical setup, while Nutanix (NTNX) and CVS Health (CVS) are flashing bull signals as well. 

On the other hand, present on White's list of the worst stocks to own in April are Hewlett Packard Enterprise (HPE), Live Nation Entertainment (LYV), and airline stocks United Airlines (UAL), American Airlines (AAL), and Delta Air Lines (DAL), which is particularly notable amid Boeing's (BA) recent saga.   

Inflation Data, FOMC Meeting Minutes Ahead

All eyes will be on inflation data next week, as well as the Federal Open Market Committee's (FOMC) meeting minutes, as investors continue to debate the future of interest rates. It's also worth noting how the S&P 500 typically performs after fast starts to the year.

 

 

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