Weekly Market Insights: December 16th 2024
Stocks finished the week mixed, bookending losses around midweek gains as investors digested fresh inflation data.
The Standard & Poor’s 500 Index slipped 0.64 percent, while the Nasdaq Composite Index ticked up 0.34 percent. The Dow Jones Industrial Average dropped 1.82 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slid 1.48 percent.1,2
Up and Down Week
Stocks fell broadly over the first part of the week. Leading chipmakers who produce semiconductors for artificial intelligence applications were under pressure after Chinese regulators announced an antimonopoly investigation.3
Investors breathed a sigh of relief Wednesday morning following news that consumer inflation in November was in line with expectations. Mega-cap tech stocks led the rally, with the Nasdaq closing above 20,000 for the first time. Meanwhile, the Dow fell as healthcare stocks came under pressure.4
Stocks remained in the trading range for the rest of the week on mild concerns about Thursday’s warmer-than-expected wholesale inflation report and a spending slowdown among lower-income consumers. The Dow registered its worst losing streak since 2020.5,6,7
Source: YCharts.com, December 14, 2024. Weekly performance is measured from Monday, December 9, to Friday, December 13. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.
Final Fed Meeting of 2024
The consumer price index ticked up to 2.7 percent on an annualized basis in November, as expected. The market’s rally following the news reflected investor relief that inflation met expectations and that the increase from the prior month was slight.
Those two factors may reinforce the belief that the Fed would follow through with the December rate adjustment, which it penciled in back in September. The bellwether inflation measure was the last critical data point before the Fed’s two-day meeting, scheduled to end on December 18.8
This Week: Key Economic Data
Tuesday: Federal Open Market Committee (FOMC) Meeting Begins. Retail Sales. Industrial Production. Business Inventories.
Wednesday: Housing Starts and Permits. FOMC Announcement. Fed Chair Press Conference.
Thursday: Gross Domestic Product. Existing Home Sales. Weekly Jobless Claims.
Friday: Personal Income and Outlays. Consumer Sentiment.
Source: Investors Business Daily - Econoday economic calendar; December 10, 2024
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Wednesday: Micron Technology, Inc. (MU)
Thursday: NIKE, Inc. (NKE), Cintas Corporation (CTAS), FedEx Corporation (FDX), Paychex Inc. (PAYX)
Source: Zacks, December 10, 2024. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
“Who are wise in love, love most, say least.”
– Alfred, Lord Tennyson
Have You Created Your IRS Online Account?
The IRS makes it easy to create an online account where you can view all kinds of account information, such as:
• Your payoff amount
• The balance if you owe taxes
• Your payment history
• Key information from your most current tax return
• Payment plan details if you have one
• Select IRS notices
• Economic payments (if you have any)
• Your address on file with the IRS
You can even pay online and receive a digital copy of your most recent tax return transcript.
This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS9
A “Berry” Important Superfood
Not only are blueberries delicious, but they are also a powerful superfood that has many potential health benefits. They are low in calories, can be added to countless dishes, and are the perfect easy snack. Here are some benefits of blueberries, according to Healthline:
• They are high in fiber, Vitamin C, Vitamin K, and Manganese (all important nutrients)
• They are high in antioxidants
• They may help lower blood pressure, according to one study by PubMed Central
• They may help maintain brain function and improve memory based on their antioxidant levels (according to a study by the National Institute of Health
• They may reduce muscle damage after exercise and improve inflammation.
Tip adapted from Healthline10
It is in seconds, seasons, centuries, and minutes, but you won’t find it in years, decades, or days. What is it?
Last week’s riddle: I have a bank, yet no cash. I can run, but can’t walk. I have a bed but never sleep. I have a mouth, but ingest no meals. What am I? Answer: A river.
Hong Kong Harbor
Hong Kong, China
Footnotes and Sources
1. The Wall Street Journal, December 13, 2024
2. Investing.com, December 13, 2024
3. CNBC.com, December 10, 2024
4. The Wall Street Journal, December 11, 2024
5. The Wall Street Journal, December 12, 2024
6. CNBC.com, December 13, 2024
7. The Wall Street Journal, December 13, 2024
8. The Wall Street Journal, December 11, 2024
9.. IRS.gov, August 1, 2024
10. Healthline, August 1, 2024
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
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Please consult your financial professional for additional information.
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Cooper Capital Advisors, LLC dba Cooper Capital Group is a Registered Investment Adviser. The information provided within this website and the materials posted are for informational purposes only. Some content posted within this website is sourced from a third party, which is also for informational purposes only. Advisory services are only offered to clients or prospective clients where Cooper Capital Advisors, LLC dba Cooper Capital Group and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Cooper Capital Advisors, LLC dba Cooper Capital Group unless a client service agreement is in place.