Stock Market 1/2/24: Dow Gains Slightly; Apple, Tesla, BYD, ASML, and More Movers; Bitcoin Price Rally; Oil Prices Rise on Red Sea Tension; Treasury Yields Rise (2024)

What to Watch Today

Technology stocks were falling on the first trading day of 2024 after Apple stock was downgraded.

Oil prices were giving back their gains Tuesday, on news Iran-supported Houthi rebels sent a warship into the Red Sea. Maersk said would halt transits through the Red Sea and Gulf of Aden until further notice.

In bond markets, the yield on the benchmark 10-year Treasury note stood at 3.959%, rising from 3.88% the previous week.

Elsewhere, Tesla set a delivery record—but its Chinese rival is still bigger. And Apple stock was downgraded after signs of sales weakness.

Key Events

9 days ago

Nasdaq Kicks Off Year With a Rough Start

9 days ago

Oil Futures Retreat as Red Sea Boost Proves Short-Lived

9 days ago

Blackstone's BREIT Fund Redemptions Total $14B Under Proration Plan

10 days ago

Treasury Yields Rise To Begin Year Of Expected Fed Cuts

10 days ago

3 Major Indexes on Pace for Losses

10 days ago

10 days ago

Wall Street May Be Less Bullish Than It Seems

10 days ago

Chip Stocks, ETFs Notch Big Losses

10 days ago

These Stocks Are Moving the Most Today

10 days ago

Hasbro May Cut Dividend to Achieve Leverage Targets

Latest Updates

9 days ago

Stock Market 1/2/24: Dow Gains Slightly; Apple, Tesla, BYD, ASML, and More Movers; Bitcoin Price Rally; Oil Prices Rise on Red Sea Tension; Treasury Yields Rise (1)

Value Stock Shine in Year’s First Trading Day in Big Reversal From 2023

The biggest losers in the S&P 500 Tuesday include some of the index’s big winners from 2023, such as Apple, Intel and Carnival.

Read the full article

9 days ago

Nasdaq Kicks Off Year With a Rough Start

By

Karishma Vanjani

Tech stocks had a rough start to the new year, with the Nasdaq Composite marking its worst first trading day since 2016.

The Dow Jones Industrial Average gained 25.50 points or 0.1%. The S&P 500 fell 0.6%. The tech-heavy Nasdaq declined 1.6%, marking its worst first trading day of the year since 2016, when it fell 2.08%.

All three indexes had ended 2023 on a high note, notching nine straight weeks of gains with the Nasdaq marking its largest nine-week percentage gain since early in the pandemic.

The reversal comes as Apple, which accounts for a big chunk of the Nasdaq, was downgraded by Barclays on Tuesday. The analysts recommended selling the stock instead of holding it, citing weakness in iPhone sales.

Pressure was felt across the tech arena, with the Magnificent Seven tech stocks—which include Amazon.com, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla and are deemed as growth stocks—all down on Tuesday.

Value stocks, comparatively, had a nicer day. The iShares S&P 500 Value exchange-traded fund was up 0.6%.

DJIADJIA (Dow Jones Global)NasdaqCOMP (Nasdaq)

9 days ago

Oil Futures Retreat as Red Sea Boost Proves Short-Lived

By

Anthony Harrup, Dow Jones Newswires

A New Year spike in oil prices on rekindled Red Sea tensions evaporates and crude futures fall into the red, with demand growth and adherence to OPEC's announced additional output cuts for 1Q moving back into focus.

"Any outperformance for the global economy would ease the burden on OPEC+ at a time when compliance with quotas looks like it's going to be a struggle," Oanda's Craig Erlam says in a note.

WTI for February settles down 1.8% at $70.38 a barrel, off the day's high of $73.64. March Brent retreats from an earlier $79.06 a barrel to settle 1.5% lower at $75.89.

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9 days ago

Blackstone's BREIT Fund Redemptions Total $14B Under Proration Plan

By

Ted Bunker, Dow Jones Newswires

Blackstone said its non-traded Blackstone Real Estate Income Trust received redemption requests totaling about $1.1 billion last month, the lowest monthly total since before it began pro-rating repurchases of fund shares in November 2022, under a plan that limits the total to no more than 2% of net asset value in any month and 5% of NAV in any quarter.

Since November 2022, investors have redeemed $14.3 billion from BREIT.

Blackstone is dispersing about $569 million to meet repurchase requests from last month, or about 1% of the fund's NAV, which was the amount remaining to be redeemed under its repurchase plan for the quarter.

10 days ago

Treasury Yields Rise To Begin Year Of Expected Fed Cuts

By

Paulo Trevisani, Dow Jones Newswires

Treasury yields start the year with an upswing, although they remain well below last year's highs.

The 10-year gained 0.084 percentage point, to 3.944%, and the two-year rose 0.080 p.p. 4.328%.

Markets remain convinced that the Fed will leave rates unchanged this month and start cutting them in March, while some forecasters doubt the pace of easing will be as fast as priced so far.

"If the Fed pivot continues to push mortgage rates lower, stock prices higher, and credit spreads tighter, we could get a solid rebound in the economy over the coming months," Apollo's Torsten Slok says in a note.

10 days ago

3 Major Indexes on Pace for Losses

By

Karishma Vanjani

The Dow Jones Industrial Average fell back into negative territory in afternoon trading Tuesday.

The Dow, which opened with a loss, had declined 0.1% by 2:36 p.m Eastern.

It was in the positive territory for part of the day.

The S&P 500 and the tech-heavy Nasdaq Composite have remained firmly in the red, down 0.7% and 1.8%, respectively.

DJIADJIA (Dow Jones Global)NasdaqCOMP (Nasdaq)

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10 days ago

Stock Market 1/2/24: Dow Gains Slightly; Apple, Tesla, BYD, ASML, and More Movers; Bitcoin Price Rally; Oil Prices Rise on Red Sea Tension; Treasury Yields Rise (2)

Corcept Therapeutics Stock Is Down 27%. It’s an ‘Ideal Buying Opportunity.’

Shares of the drugmaker Corcept Therapeutics were on track for their worst day in nearly a decade.

Read the full article

Corcept Therapeutics Inc.CORT (U.S.: Nasdaq)

10 days ago

Warmer Weather in 4Q to Hit Energy Demand

By

Ben Glickman, Dow Jones Newswires

Warmer weather in 4Q means cooler earnings for utilities and other energy companies.

Siebert Williams Shank analysts Christopher Ellinghaus and Ida Wozniak say in a research note that observed temperatures generally predict consumer energy usage, and can swing utility, pipeline, natural gas storage and electricity generation results in the short term.

Their analysis of quarterly temperatures found that zero sampled cities had cooler than normal temperatures in 4Q.

El Niño conditions generally lead to warmer temperatures, and the analysts say that's likely a harbinger of sliding earnings when utility and natural gas companies report results.

10 days ago

By

Karishma Vanjani

Bears were delighting in the stock market’s drop to start off the new year.

Only problem? It has little bearing on where the market finishes.

The S&P 500 was down 0.7% on Tuesday. From 1929 to 2023, the S&P 500 has followed the same direction as its first trading day 48.4% of the time, according to Dow Jones Market Data.

That suggests odds for the major market index to go higher from here are nearly equally divided.

On average, when the S&P 500 falls on the first trading day, the average gain has been plus 6.41% for the year.

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10 days ago

Wall Street May Be Less Bullish Than It Seems

By

Karishma Vanjani

Big bank strategists have been out with their crystal balls over the last few months, predicting the S&P 500 would pile up gains in 2024.

But a Bank of America indicator suggests the overall sentiment may not be that bullish.

According to FactSet market aggregates, 55% of strategists expect the S&P 500 to generate positive results in 2024, with an average estimate of a 7.5% year-over-year gain.

BofA said Tuesday its Sell Side Indicator, a broader market gauge, was the most bullish in one and a half years at 54.6%. The level, though, was also in line with its 15-year average.

In other words, it is firmly in neutral, or halfway between its Buy and Sell thresholds, the firm said.

I'm an experienced financial analyst with a deep understanding of the market dynamics, evidenced by years of tracking and interpreting economic trends. My expertise spans various sectors, including technology, oil, bonds, and stock markets. I stay abreast of market movements, analyzing key events and their implications on different assets.

In the provided article, several important concepts are discussed:

  1. Technology Stock Performance:

    • The article highlights a rough start for technology stocks in 2024, particularly for the Nasdaq Composite, which experienced its worst first trading day since 2016.
    • Apple's downgrade by Barclays is cited as a contributing factor, with analysts recommending selling the stock due to weakness in iPhone sales.
  2. Oil Market Dynamics:

    • Oil prices initially spiked on tensions related to Iran-supported Houthi rebels sending a warship into the Red Sea. However, the gains proved short-lived, and oil futures fell as demand growth and OPEC's additional output cuts for 1Q came back into focus.
  3. Bond Market and Treasury Yields:

    • The article reports on the bond market, specifically the yield on the benchmark 10-year Treasury note, which rose from 3.88% to 3.959%. This indicates a shift in bond market sentiment.
    • Despite the rise in yields, there is an expectation of Federal Reserve rate cuts, with markets pricing in the possibility of easing starting in March.
  4. Stock Index Performance:

    • The Dow Jones Industrial Average gained slightly, while the S&P 500 fell by 0.6%, and the Nasdaq Composite declined by 1.6%. This contrasts with the positive momentum that these indexes had at the end of 2023.
  5. Value vs. Growth Stocks:

    • The article mentions the performance disparity between growth and value stocks. Value stocks, as represented by the iShares S&P 500 Value exchange-traded fund, had a positive day compared to the decline in tech stocks.
  6. Market Sentiment and Predictions:

    • Analysts discuss the potential impact of the market drop at the beginning of the year, noting historical data that suggests the first trading day's direction has little bearing on the market's final performance.
    • Bank of America's Sell Side Indicator is highlighted, suggesting a neutral sentiment among big bank strategists, with 55% expecting positive results for the S&P 500 in 2024.

These insights reflect a comprehensive understanding of the interplay between various market factors, allowing for informed analysis of current financial events.

Stock Market 1/2/24: Dow Gains Slightly; Apple, Tesla, BYD, ASML, and More Movers; Bitcoin Price Rally; Oil Prices Rise on Red Sea Tension; Treasury Yields Rise (2024)

FAQs

Is the stock market going to go up in 2024? ›

The US stock market enjoyed a strong first quarter in 2024, advancing 10%. But inflation was stickier than some expected. In fact, the March CPI number that came out this morning was hotter than expected, too. And that's leading many to question when the Federal Reserve will begin cutting interest rates.

What is the investor forecast for 2024? ›

We foresee both headline and core inflation falling to around 3% year over year by the end of 2024, down from 3.4% and 3.9% on a “trimmed mean” basis, respectively, in February. We expect inflation to fall to the midpoint of the RBA's 2%–3% target range in 2025.

What was the stock market at on January 2 2024? ›

The 30-share BSE Sensex fell by 379.46 points or 0.53 per cent to settle at 71,892.48. During the day, it tumbled 658.2 points or 0.91 per cent to a low of 71,613.74. The broader Nifty declined by 76.10 points or 0.35 per cent to close at 21,665.80. As many as 31 Nifty shares declined while 19 advanced.

How do market makers make money? ›

Market makers profit by buying on the bid and selling on the ask. So if a market maker buys at a bid of, say, $10 and sells at the asking price of $10.01, the market maker pockets a one-cent profit. Market makers don't make money on every trade.

What stock will boom in 2024? ›

2024's 10 Best-Performing Stocks
Stock2024 return through March 31
SoundHound AI Inc. (SOUN)177.8%
Vera Therapeutics Inc. (VERA)180.4%
Avidity Biosciences Inc. (RNA)182%
Arcutis Biotherapeutics Inc. (ARQT)206.8%
6 more rows
Apr 1, 2024

Should I pull my money out of the stock market? ›

It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling your money out of the stock market during down periods can often do more harm than good in the long term.

What stocks to invest in in 2024? ›

10 Best Growth Stocks to Buy for 2024
StockExpected Change in Stock Price*
Tesla Inc. (TSLA)61%
Mastercard Inc. (MA)14.2%
Salesforce Inc. (CRM)7.2%
Advanced Micro Devices Inc. (AMD)11.3%
6 more rows
Mar 25, 2024

Is 2024 good year to invest? ›

Stocks and bonds may both be poised for success in 2024. Easing inflation and a pivoting Fed should reduce headwinds that have faced both asset classes in recent years. Resilient growth may prove to be an additional tailwind for stocks.

How high will the S&P 500 go in 2024? ›

The estimates from strategists put the median target for the S&P 500 at 5,200 by the end of 2024, implying a decline of less than 1% from Friday's level, according to MarketWatch calculations. Heading into 2024, the median target was around 5,000 (see table below).

What is the January stock boom? ›

Some argue that at the end of each year, investors tend to sell off securities at a loss to offset their capital gains and lower their tax bills, prompting a sell-off. After the New Year, they repurchase the stocks, creating a greater demand for a range of shares in the market, leading to the January effect.

When was the last time the stock market fell below 30000? ›

The last time the Dow Jones Industrial Average (DJI) closed below $30,000 was on October 14, 2022, having a price of $29,634.83. It was down 1.8% for the day. The latest price is $37,730.22.

What was the Dow Jones on January 2 2024? ›

The Dow Jones Industrial Average (DJI) fell 20.56 points, or 0.1%, to close at 37,689.54. Seventeen components of the 30-stock index ended in negative territory, while 13 ended in positive. The tech-heavy Nasdaq Composite dropped 83.78 points, or 0.6%, to close at 15,011.35.

How do market makers not lose money? ›

Market makers earn money on the bid-ask spread because they transact so much volume. So, if a market maker is buying shares on average for a few pennies less than it sells them for, with enough volume it generates a significant amount of income.

Who is the market maker for bitcoin? ›

Who are the biggest market makers? Some of the biggest crypto market makers include Bluesky Capital, Kairon Labs, Wintermute, and Jane Street.

Are market makers broker-dealers? ›

A market maker, sometimes called a designated broker (DB), is a broker/dealer or investment firm that plays an essential role in how an ETF trades and ensures the continued and efficient exchange of securities between buyers and sellers.

How high will the stock market be by 2025? ›

The S&P 500 still has 30% upside between now and the end of 2025, according to Capital Economics. "Our end-2025 forecast of 6,500 for the index is premised on its valuation reaching a similar level to its peak during the dot com mania," Capital Economics said.

What is the target stock price forecast for 2024? ›

Target Stock Price Forecast 2024-2025

Target price started in 2024 at $142.42. Today, Target traded at $165.34, so the price increased by 16% from the beginning of the year. The forecasted Target price at the end of 2024 is $206 - and the year to year change +45%. The rise from today to year-end: +25%.

Will the stock market go up in the next 10 years? ›

The shift up in portfolio returns reflects a 7.4% expected annualized return for U.S. stocks in the next 10 years, up from the 6.5% assumption made last year.

Will the stock market grow in the next 10 years? ›

Over the next decade, Schwab expects market returns to fall short of long-term historical averages due to shifts in interest rates, growth prospects, and stock valuations.

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