S&P 500 dropped for the second consecutive week. Weekly market recap, trading week 51/2024
Summary of the trading week using the most popular posts from the X platform
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In this series, you can find financial markets posts with the highest number of interactions from my X platform feed over the most recent week. I am aware that not everybody uses X regularly so I thought it could provide some value to your analysis, and investment process.
US stocks dropped for the second consecutive week with a very volatile last three days. On Wednesday, the S&P 500 plummeted 3.0%, the biggest drop in the decision Fed day since the March 2020 crash. Subsequently, on Thursday stocks ended flat and bounced by 1.1% on Friday following better than expected inflation PCE data.
1) Weekly performance. In the first screenshot attached, you can see last week’s performance of the major US indexes, the VIX volatility index, gold, and Bitcoin.
- S&P 500 dropped 2.1%
- Nasdaq index fell 1.9%
- Dow Jones was down 2.3%
- Russell 2000 (small caps) declined 4.8%
- VIX fell by 34%
- WTI Crude Oil decreased 2.7%
- Silver fell 2.9%
- Gold dropped 2.5%
- Bitcoin tumbled by 4.7%
For the trading week ending December 27, key events are:
- US Conference Board Consumer Confidence for December on Monday
- US Durable Goods Orders for November on Tuesday
- US New Home Sales for November on Tuesday
- Markets Closed due to Christmas Day on Wednesday
- US Initial Jobless Claims on Thursday
After the last Federal Reserve meeting on Wednesday and US inflation PCE data on Friday investors will be assessing a potential future impact of the central bank decision and subsequent data. Many funds especially pension and insurance will be rebalancing their portfolios before the year ends.
2) It turns out that indicators from the last week have predicted a market pullback.