Mid-Week Market Minute 1.24.24

Stocks Rally; S&P 500, Dow Jones Reach New Highs

Stocks around the globe resumed their rally in a busy week from both an earnings and data standpoint. In the U.S., the S&P 500 and Dow Jones Industrial Average both reached new all-time highs as tech stocks continued to lead the way higher. Specifically, shares of streaming giant Netflix jumped more than 10% following another impressive earnings beat on Tuesday afternoon. 

International stocks moved higher this week as well, as economic activity for January in the Eurozone and the U.K. showed an improvement over December. Separately, Hong Kong’s Hang Sang index jumped this week bolstered by the People’s Bank of China’s announcement it will cut its reserve requirement ratio for banks and hinted at more support measures to come. 

Looking ahead to the rest of the week, the first estimate of fourth quarter GDP is due on Thursday. Economists are expecting the economy to have grown at an annualized rate of 2.0% during the quarter. Meanwhile, the widely followed Atlanta Fed GDPNow model currently forecasts GDP growth of 2.4% during the quarter. On the inflation front, markets will get a look at the Fed’s preferred inflation measure, the PCE deflator on Friday. The report is expected to show core prices fell on a year-over-year basis, down from 3.2% in November to 3.0% in December.

Source: GSAM, CNBC, JPMorgan

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