Stocks notch best week of 2024 thus far: Market close

Stocks (^DJI, ^IXIC, ^GSPC) close out Friday's session in positive territory, all three of the major market averages rising by about 0.2% each and seeing notable gains in their five-day moving averages. The Nasdaq Composite soared by 5.29% in this trading week.

Julie Hyman and Jared Blikre recap this winning week for markets, noting sliding volatility (^VIX) levels, sector winners, and tech stock performances seen in the Nasdaq 100 (^NDX).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There is the closing bell on Wall Street now.

It is market domination.

Over time, we're joined by Jerry to get up to speed on the action from today's trade.

Let's start on where the major averages ended the day we do have them not quite at the high of the session, but close with the Dow up about 97 points, about a quarter of 1% here.

We did have consumer confidence today, showing an uptick here, ending off this week of relatively strong data a week in which good that was read data by the market, which has been a switch from what we have seen in the more recent past, the S and P 500.

Up on the day about 1/5 of 1%.

Enough, though, to make the gains on the week still the best that we have seen thus far in 2024.

The NASDAQ up about the same amount volatility continuing to fall, the Russell continuing to participate here really just a continuation Jared of the trends we've been seeing all week, but perhaps in more muted fashion.

Yes, and I think investors will take that welcome reprise from last week, although one week ago things were already looking up.

So here's the NASDAQ.

Just want to show you real quickly.

The gains for this week in five days.

Five basically five and one third percent.

As you said Julie.

The best gains this year.

The best week this year, best going back to last November and then check out the vics have been tracking this all week long that has been just been slowly and steadily declining.

The rate is slowing, but as it approaches lower and lower levels, you got to think that it naturally slowed down there.

And that's exactly what it's doing.

By the way, I think it was around 1211, 1213.

It was trading in there before the Vald Maged in mess that we had with the Japanese yen two weeks ago.

So here is a sector action.

Today we have financials and utilities in the lead three sectors in the red, led by industrials to the Dow side but not looking at major losses, and we want to get a read on the entire week.

So we have tech and consumer discretionary as the two out performers.

Consumer discretionary has Tesla as well as Amazon in it.

So it does have that mega cap exposure, uh, real estate, the lager to the group.

It's still barely positive there.

And let's take a look inside the NASDAQ 100.

And there we got alphabet.

That kind of stands out because it's red, but it's not read by much.

Down about 4/10 of a percent apple up 4% invidia having the best week, I believe in over a year it's up 19%.

As you can see, Broadcom up 12% Tesla up 8% and the list goes on.

So let's check out the Dow as well.

And we got a few red spots in there.

Proctor and Gamble, J and J Those staples are down.

Merck and Amgen, the, uh, the health care companies.

Those are down, Verizon down.

But for the most part, seeing some broad based gains here.

And you can really see this when we at our leaders only Bitcoin in this group is down, and that was down 1.6%.

But really, the semiconductors were just flying high, along with unprofitable tech.

So we're going to take a look at semiconductors here, and I'll get you out on the arc.

Invest Innovation Fund, Tech components.

And this just means that the unprofitable all those unprofitable companies doing well, So just the fringer parts of the market kind of participating here, guys.