The Morning Grind - 1/22/2024
The market hits new highs
Last Week in Review
It took more than 2 years and over 500 days of trading, but the S&P 500 index finally surpassed the all-time highs it set back in January 2022. It caps off the sixth longest stretch without a new high since the inception of the index back in 1950, and the longest since 2013, when stocks finally erased the 2007-2009 collapse.
The breakout by the S&P 500 comes a little more than a month after the Dow Jones Industrial Average accomplished the same feat. But the NASDAQ Composite, which suffered through a more significant decline during the bear market of 2022, still has a bit of work to do before its damage is completely undone.
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It may be a new year, but sector leadership to start off 2024 looks awfully familiar. So far in January, the Information Technology sector has gained 5%, and Communication Services stocks are up 4.2%. Those two sectors more than doubled the return of the S&P 500 in 2023, and they’re on pace to repeat that feat. The Materials and Energy sectors - both commodity oriented groups - are off 4% to start the year, and so are last year’s worst performers, the Utilities.
Here are the key data releases and events to keep on eye on in the coming days.