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Last week, the financial markets closed on a high note with all four major indexes ending in the green. Despite a week heavy with economic data, not all of which painted a rosy picture, the markets showed resilience. Inflation concerns and job market hiccups couldn’t dampen the spirits, with the Russell 2000 leading the charge with a gain of 1.71%, closely followed by both the Dow Jones and NASDAQ, which were up more than 1%. The S&P 500 saw a modest increase, ending the week just over half a percent higher.
Sector Highlights
The Winners
- Utilities stood out as the top performer, with a notable increase of over 3%. This sector’s surge underscores investors’ search for safety amidst economic uncertainties.
The Losers
- On the flip side, energy took a hit, primarily due to a tough week for crude oil. Energy stocks dipped by 3%, reflecting the volatile nature of this sector.
Stocks on the Move
Big Wins
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Apple made headlines with an historic buyback of $110 billion and a 4% hike in its cash dividend to 25 cents a share. This move was well-received by the market, with Apple’s stock jumping 8% over the week, marking a significant recovery from its year-to-date underperformance.
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Amazon also had a standout week, buoyed by better-than-expected earnings and a significant boost from AI. Its AWS sales surged by 177% annually, leading to a 3% increase in its stock by week’s end.
Notable Declines
- Starbucks faced a challenging week, reporting its first sales decline since late 2020. Global comps were down 4%, resulting in a sharp drop in its share price, down more than 17%.
Looking Ahead
The upcoming week is packed with potential market movers, including data on wholesale inventories and the Fed’s balance sheet. Consumer sentiment and the Wy report for commodity traders are also on the radar. Additionally, earnings reports from a slew of companies, including Peloton, Disney, Wynn Resorts, Uber, and Airbnb, are highly anticipated. With Airbnb facing high expectations after Booking’s performance, and a relatively lower bar set for Expedia, these releases are eagerly awaited by investors.
As we navigate through these economic indicators and corporate earnings, it’s crucial to stay informed and agile. The market’s ability to end in the green amidst not-so-favorable economic data highlights the complex interplay of factors influencing investor sentiment and market performance.
For continuous coverage and analysis of the financial markets, tuning into resources like the Schwab Network can provide valuable insights.
Stay tuned for more updates, and remember, the market waits for no one. Keep an eye on these developments as we prepare for another action-packed week in the world of finance.
