For the week, the major indices all closed higher for the 2nd consecutive week after sharp declines in week 1 of the 2024 trading year.
The final numbers are showing:
- Dow Industrial Average rose 395.19 points or 1.05% at 37863.83
- S&P index rose 58.87 points or 1.23% at 4839.82
- NASDAQ index rose 255.31 points or 1.70% at 15316.96
Small-cap Russell 2000 got involved as well with a 20.73 point rise or 1.08% at 1944.39.
For the trading week, the major indices all closed higher led by the NASDAQ points again:
- Dow Industrial Average +0.72%
- S&P index rose 1.17%
- NASDAQ index rose 2.26%
For the first 3-weeks of the new trading year, all three major indices are now up on the year:
- Dow Industrial Average is up 0.46%
- S&P index is up 1.47%
- NASDAQ index is up 2.0%
How are the Magnificent 7 doing in the first three weeks of the trading year?
- Nvidia up 20.15%
- Meta-+8.33%
- Apple -0.51%
- Alphabet +4.79%
- Microsoft +6.02%
- Amazon +2.23%
- Tesla -14.60%
Next week, the earnings for the fourth quarter start to kicking with some large-cap movers. Below is a sampling of some of those earnings releases:
Monday, January 22
- United Airlines
- Logitech
Tuesday, January 23
- Verizon
- 3M
- GE
- Johnson & Johnson
- Halliburton
- Procter & Gamble
- Netflix
- Intuitive Surgical
- Texas Instruments
Wednesday, January 24
- AT&T
- Tesla
- IBM
- servicenow
- Lam Research
Thursday, January 25
- American Airlines
- Southwest Airlines
- Dow
- Intel
- Visa
- T-Mobile
Friday, January 26
- American Express
- Colgate-Palmolive
Looking at next week’s economic calendar, key events and releases include:
Tuesday:
- Bank of Japan interest-rate decision
Wednesday:
- New Zealand CPI quarter on quarter 0.5% expected reaches 1.8% last quarter
- Germany, France, UK flash manufacturing and services PMI data
- Bank of Canada interest-rate decision. No change expected
- US flash manufacturing and services PMI
Thursday
- ECB rate decision. No change expected
- US advanced GDP. 2.0 expected. Atlanta Fed GDPNow estimate 2.4%
- US unemployment claims
Friday
- US PCE data
This article was written by Greg Michalowski at www.forexlive.com.