top of page

Weekly Market Update – January 8, 2024

Price Return Last Week

S&P 500 -1.5% S&P Mid Cap -2.5% Russell 2000 -3.8%

MSCI EAFE -1.3% MSCI EM -2.10%

10 Yr US Treasury Rate – rose from 3.91% to 4.04%

Source: Refinitiv Eikon


Economic Data

Jobs Report – December: 216k (Reuters Poll est. 170k) November: 173k

For the whole of 2023, employers added 2.7 million jobs, less than the 4.8 million added in 2022 but higher than the four years preceding the pandemic.  Odds of an interest rate cut in January declined slightly following the report.

Source: Refinitiv Eikon, The Wall Street Journal

S&P 500  – The S&P 500 snapped its nine-week winning streak with a decline of 1.5% in the first week of 2024.

Source: Refinitiv Eikon

Fed Minutes – There was a lack of clarity from Fed staff with regards to when interest rate cuts might occur.  Statement that they “need to see more evidence that inflation pressures were abating to become confident in a sustained return of inflation to 2 percent.”  However, participants noted that risks to inflation and employment were “moving to greater balance.”

Source: The Federal Reserve

ISM Manufacturing PMI – December: 47.4 (Reuters Poll est. 47.1) November: 46.7

It was the 14th consecutive month with a reading in contraction territory (below 50).

Source: Refinitiv Eikon

Succession Succeeds – HBO show, Succession, won a Golden Globe for Best Television Series – Drama.  The King Lear-inspired show was particularly well suited for actor, Brian Cox, who gained fame for his role as King Lear with the Royal Shakespeare Company.  Cox also holds the rare distinction of being the first actor to portray Hannibal Lecter on film in The Silence of the Lambs prequel, Manhunter.


Upcoming Events

1/11 – CPI

1/12 – Notable Earnings Reports: Bank of New York Mellon, Blackrock, Citigroup, JPMorgan Chase, Delta, UnitedHealth Group

Source: Refinitiv Eikon


bottom of page