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Weekly Market Update – January 22, 2024

Price Return Last Week

S&P 500 +1.2% S&P Mid Cap +0.5% Russell 2000 -0.4%

MSCI EAFE -2.1% MSCI EM -2.6%

10 Yr US Treasury Rate – rose from 4.04% to 4.15%

Source: Refinitiv Eikon

 

Economic Data

Government Shutdown Avoided – Congress passed legislation to extend government funding until March.  The continuing resolution that was passed allows for additional time to negotiate a full-year fiscal spending bill.

Source: The Wall Street Journal


Consumer Sentiment – January: 78.8 (Reuters Poll est. 70.0) December: 69.7

The second month in a row that sentiment rose nine points or more.  The index is now up 18 points since November, representing the biggest two-month increase since 1991.

Source: Refinitiv Eikon, The Wall Street Journal


Initial Jobless Claims – Initial claims for unemployment insurance fell below 200,000 for the first time since January 2023, indicating continued strength in the labor market.

Source: Refinitiv Eikon


Existing Home Sales – Sales fell 19% in 2023 from the previous year for the lowest reported annual value since 1995.  The national median existing-home price was up 4% in December compared to a year ago.

Source: National Association of Realtors®


New Tenant Rent Index – This index measures the price renters would see if they changed housing units each quarter.  The most recent reading showed a drop of 9% from the previous quarter and 5% from the same period one year ago.  Both of these changes represent the largest declines seen on a quarterly and annual basis since the formation of the index in 2005.

Source: U.S. Bureau of Labor Statistics


But First, Coffee – A study in the New England Journal of Medicine found that participants walked an average of 1,000 more steps on days when they drank coffee compared to when they didn’t.  Emeritus research director at the French National Institute of Health, Astrid Nehlig, states that caffeine effects typically kick in five minutes after consumption and are optimal between 15 and 120 minutes.

Source: The Wall Street Journal


 

Upcoming Events

1/22 – Notable Earnings Reports: United Airlines


1/23 – Notable Earnings Reports: Verizon, DR Horton, GE, Halliburton, J&J, Lockheed Martin, P&G, Progressive, RTX, 3M, Netflix


1/24 – Notable Earnings Reports: Freeport-McMoran, AT&T, Abbott Laboratories, Kimberly-Clark, IBM, Tesla, ServiceNow


1/25 – Durable Goods, Q4 GDP, Notable Earnings Reports: Blackstone, Comcast, Nextera Energy, Humana, Southwest Airlines, Northrop Grumman, Valero, Dow, American Airlines, T-Mobile, Visa, Capital One, Intel, KLA Corp


1/26 – PCE, Notable Earnings Reports: American Express, Colgate-Palmolive, Norfolk Southern

Source: Refinitiv Eikon

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