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December 16, 2024
DOW: 43,880
S&P: 6,075
Nasdaq: 20,077
10YR T-Note: 4.38%
Bitcoin: 106,420
VIX: 14.10
Gold: 2,674.60
Crude Oil:71.14
Prices Current as of 10:37 am
Source: CNBC
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
The market ended the week on Friday in a pattern that has become more familiar, as now for 10 straight days, more stocks have declined than risen, which is the longest such streak since 2000.
And to no one’s surprise, the Dow fell for the eighth straight session with an 86-point drop to 43,828 with AMGN (to no one’s surprise), CRM, GS, MSFT, and NVDA leading the downside.
The S&P ended unchanged as efforts from AVGO (on a very good earnings report), MRVL on strength in the semis for a change, and TLSA helped offset declines in energies and some other leading technologies such as MSFT and NVDA. The index ended down for the week after three straight weekly advances.
The Nasdaq was the winner with a 24-point gain and much more in the NDX with 165 as the former ended at 19,926 after crossing 20,000 for the first time earlier in the week.
The Russell 2000 Index of small stocks declined once again by 14 to 2347 due to financial weakness, and the VIX dropped down to 13.81 as the battle for support at 13 is taking place.
As mentioned, AVGO surged by 24%, the biggest gain in the S&P, after the semiconductor company beat profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend.
The company’s big gain helped cushion the market’s broader fall. Pricey stock values for technology companies like this one give the sector more weight in pushing the market higher or lower.
Among the market’s other decliners were ABNB, which fell 5% for the biggest loss in the S&P, and SCHW, which closed 4% lower.
Furniture and housewares company RH, formerly known as Restoration Hardware, surged 17% after raising its forecast for revenue growth for the year.
The rally stalled this week amid mixed economic reports and ahead of the Federal Reserve’s last meeting of the year on Wednesday at 2 pm, at which it is expected to cut rates for a third time since September.
Inflation rates have been moving up slightly over the last few months. A report on consumer prices last week showed an increase to 2.7% in November from 2.6% in October. The Fed’s preferred measure of inflation, the personal consumption expenditures index, will be released next week and is expected to show a 2.5% rise in November, up from 2.3% in October.
The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, but the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade, and tax policy from the new administration.
Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.40% from 4.34% late Thursday.
European markets slipped. Britain’s FTSE 100 fell 0.1%. Britain’s economy unexpectedly shrank by 0.1% month-on-month in October, following a 0.1% decline in September, according to data from the Office for National Statistics.
Earnings this week will see: Wednesday – GIS, LEN, JBIL, MU; Thursday – KMX, CAG, FDS, FDX, PAYX, and Dow component NKE.
Economic reports will have: Tuesday – November retail sales, November industrial production and capacity utilization; Wednesday – November housing starts and the Fed interest rate decision at 2 pm; Thursday – final estimate of 3Q GDP, November L.E.I., weekly jobless claims; Friday – November personal income and spending.
