Market in Review 1/19/2024

MARKET REPORT

Review:
– S&P 500 hits record high 4820 (Prev 4818 Jan 4th, 2022)
– Shares of the so-called Magnificent Seven – Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms and Tesla – surged between about 50% and 240% last year. Collectively, they account for about 28% of the S&P 500 and were responsible for nearly 66% of the index’s total return last year.
– Uni of Michigan inflation expectations fell to 2.9% for Jan vs 3.1% Dec
– Existing Home Sales hit 13 year low. Dropped by 1% to 3.78 mil for Dec, Exp 3.82 mil. Midwest and South down, increase in West, UNCH Northeast.
– EHS for 2023 the year hit 30yr low (high mortgage rates. Fun-fact ‘Mortgage’ is the combination of the Latin word Mort = Death and gage = engaged. So, mortgage literally means: to be engaged unto death.
– Fed (SF, Voting) Pres Mary Daly “it’s really premature to think that that’s around the corner,” (Cuts)