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Week in Review: Jan.15.2024 - Jan.19.2024

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January 22, 2024

Market Recap


The S&P 500 rose 1.2% last week to a record close, YES - ALL TIME HIGHS, amid strong gains in the technology sector and a bullish outlook from a chip-industry bellwether. The index ended Friday's session at 4,839.81 after reaching an all-time intraday high of 4,842.07, surpassing its prior record reached two years ago (512 days for those counting) of 4,818.62. The previous record close, reached in January 2022, was 4,796.56.

On Friday, Jan.12, the market benchmark closed at 4,783.83. The week-over-week advance came in just four sessions as markets were closed on Monday for the Martin Luther King Jr. holiday.

Taiwan Semiconductor Manufacturing said it expects full-year revenue growth in the low-to-mid-20% range. The outlook is considered a key indicator of chip industry health as the company's chips are used in Apple (AAPL) iPhones as well as Qualcomm (QCOM) mobile chipsets and Advanced Micro Devices' (AMD) processors, among others.

Amid the bullish chip industry signal, the technology sector led the week's climb with a 4.3% increase, followed by a 1.9% rise in communication services. Other gainers included financials, consumer discretionary and industrials.

The technology sector's gainers included chip industry companies Advanced Micro Devices, up 19%, Western Digital (WDC), up 9.5%, and Applied Materials (AMAT), up 11%.

In communication services, shares of Walt Disney (DIS) rose 3.0% as the entertainment company's board rejected the nominations by activist shareholders Trian Fund Management and the Blackwells Group, and endorsed 12 nominees for directors.

On the downside, utilities fell 3.7%, followed by a 3.1% drop in energy and a 2.1% decline in real estate. Other sectors that fell included materials, consumer staples and health care.

Decliners in the utilities sector included Eversource Energy (ES), down 6.1%, and NextEra Energy (NEE), down 6.2%. NextEra plans to release its Q4 results this Thursday.

Other companies scheduled to report quarterly financial results the week include United Airlines Holdings (UAL), Johnson & Johnson (JNJ), Procter & Gamble (PG), Netflix (NFLX), Tesla (TSLA), Abbott Laboratories (ABT), International Business Machines (IBM), Verizon Communications (VZ), AT&T (T), Visa (V), Intel (INTC), Union Pacific (UNP), American Express (AXP) and Colgate-Palmolive (CL).

Key economic data expected this week will include a preliminary reading on Q4 gross domestic product on Thursday as well as the December personal consumption expenditures price index, a closely watched inflation reading.

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