Last Week’s Summary
- S&P 500 Index rose 1.68%
- International Equities rose 1.34%
- Emerging Markets rose 1.23%
- U.S. 10-Year Treasury Yield fell to 4.24%
- Initial Jobless Claims fell to 201k
- Leading Index fell to -0.4%
- S&P Global US Manufacturing PMI rose to 51.5
What to Watch for This Week
- M, 2/26/24 Dallas Fed Manf. Activity
- T, 2/27/24 Durable Goods Orders, Conf. Board Consumer Confidence
- W, 2/28/24 MBA Mortgage Applications, GDP
- Th, 2/29/24 Initial Jobless Claims, Personal Income, Personal Spending, MNI Chicago PMI
- F, 3/1/24 U. of Mich. Sentiment, U. of Mich. 1-Year Inflation
Weekly Market Recap
Despite the shortened holiday week, the S&P 500 secured a weekly victory, briefly crossing the 5,100 milestone. While the “Magnificent Seven” mega-caps lagged behind, Nvidia Corp. managed a modest gain, maintaining its value near the impressive $2 trillion mark, and solidifying itself as the 3rd most valuable company behind peers Microsoft and Apple.
Notably, Nvidia’s astounding $277 billion surge in market capitalization on Thursday marked the largest single-session increase in history, surpassing Meta Platforms Inc.’s $197 billion gain. The tech rally has propelled the Nasdaq 100 and the S&P 500 to elevated valuations compared to historical norms. Treasury 10-Year Yields retreated by seven basis points to 4.25% by week’s end.
The Federal Reserve’s release of meeting minutes on Wednesday reiterated Chairman Powell’s stance from the January meeting: the Fed remains patient, awaiting further data to confirm a sustained drop in inflation towards the 2% target before considering rate adjustments.
Looking ahead to the final trading week of February, there are few significant data releases expected to sway the market decisively. With corporate earnings reports mostly concluded, the remaining days are likely to be relatively muted from a volatility standpoint.
Download Market Snapshot February 26, 2024
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