The Week In Review
4/5/24
The major averages finally all finished in the green following the Dow Jones Industrial Average's worst day in more than a year due to higher interest rates and higher oil prices on to start the month of April. The Dow Jones Industrial Average rose 307 points, the S&P 500 rose 57 points while the Nasdaq rose 199 points.
Despite the bounce, all three indexes posted a losing week. The Dow slid 2.27%, posting its worst weekly performance in 2024. The S&P 500 declined 0.95% during the period, while the Nasdaq lost 0.8%.
Treasury yields jumped today following the Labor Department's report showing that job growth totaled 303,000 in March. Nonfarm payrolls were expected to increase by 200,000, according to Dow Jones estimates. Wages rose 0.3% for the month and 4.1% from a year ago, both in line with estimates.
Oil prices inched up as oil touched $87 a barrel to five-month highs on tensions in the Middle East with Israel closing embassies over threats from Iran. Crude prices are up 20% for the year.
Even the big cap AI stocks underperformed this week. Advanced Micro Devices fell nearly 5% while AI darling Nvidia fell more than 2%. Some of the biggest losers in the concentrated Nasdaq-100 include Intel down 12% and Walgreens Boots Alliance down 14%. Other names down sharply on the week included Lululemon Athletica, Sirius XM Holdings and Charter Communications. Tesla was down 3% today and 6% for the week on rumors they will scrap plans to build affordable EV for the masses in the coming years due to competition from China.
The Dow Jones is coming off a 530 point decline, marking its biggest daily drop since March 2023 and its fourth consecutive losing session.
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