Market News 24 jan
Tech Giants and Blue Chips Propel S&P 500 to Record High
Today's session ended on a positive note, supported by a strong wave of buying in the second half of the day. The primary drivers of growth were blue-chip companies and tech giants such as NVIDIA (NVDA), Amazon (AMZN), and Microsoft (MSFT), which helped the S&P 500 ($SPX) achieve a new all-time high.
Key Market Indicators
S&P 500 ($SPX): +0.5%, new all-time high.
Dow Jones Industrial Average ($DJIA): +0.92%, 6-week high.
Nasdaq Composite ($IXIC): +0.2%.
Russell 2000 ($RUT): +3.8% year-to-date.
Top Performers
Dow Jones Industrial Average ($DJIA):
Goldman Sachs (GS): Significant contribution to index growth.
UnitedHealth (UNH): Steady growth supported by positive news.
Caterpillar (CAT): Consistent strengthening of positions.
Industrial Sector of S&P 500 ($SPX):
GE Aerospace (GE): +6%, driven by strong quarterly results and buyback plans.
Union Pacific (UNP): +5%, surpassing earnings expectations.
Bond Market
10-Year Treasury Bonds: Yield rose by 4 bps to 4.64%.
2-Year Treasury Bonds: Yield decreased by 2 bps to 4.28%.
The yield on 10-year Treasury bonds also increased by +2.7 bps to 4.638% on Thursday, putting pressure on the stock market. Rising yields often influence investor sentiment, especially in times of instability in other markets.
Key Economic Data
Initial Jobless Claims: 223K (consensus: 219K, previous: 217K).
Continuing Claims: 1.899M (revised previous value: 1.853M).
Initial jobless claims rose by 6K to a 6-week high of 223K, exceeding the forecast of 220K. Continuing claims also increased by 46K, reaching a 3-year high of 1.899M, highlighting challenges in the labor market. Additionally, the Kansas City Fed Manufacturing Index remained at -5, below the expected level of 0.
Commodities
Crude Oil (CL): $74.59 (-0.88).
Natural Gas (NG): $3.47 (-0.04).
Gold (GC): $1,765.50 (-5.10).
Silver (SI): $30.87 (-0.56).
Copper (HG): $4.33 (+0.03).
Corporate Highlights
Booking Holdings (BKNG): Closed up more than 4% after a federal court overturned a verdict accusing the company of hacking Ryanair's website.
Netflix (NFLX): Shares rose 3% after Wolfe Research upgraded its rating to "outperform" with a price target of $1,100.
Palantir Technologies (PLTR): Increased by more than 2% after Wedbush revised the price target upward from $75 to $90.
Intuitive Surgical (ISRG): The company delivered outstanding Q4 results, exceeding analysts' expectations. Management projects significant growth in da Vinci robotic system operations, ranging from 13–16% in 2025. However, rising costs associated with new tariffs may pressure margins.
Lightbridge (LTBR) and Oklo (OKLO): Announced a strategic partnership to research and implement nuclear fuel recycling technologies. This collaboration underscores growing interest in nuclear energy as a sustainable power source, especially given rising demand driven by AI and cloud computing technologies.
Moderna (MRNA): Shares soared over 10%, extending a 7% gain from Wednesday, fueled by optimism about AI's potential in early cancer detection and vaccine development.
Texas Instruments (TXN): Shares dropped due to a weaker-than-expected Q1 forecast, despite outperforming Q4 revenue projections. The company is focused on developing new products, but its outlook remains constrained by macroeconomic factors.
Vistra Corp (VST): Gained over 2% after Guggenheim Securities raised the price target from $177 to $212.
Cryptocurrency News
Bitcoin (BTC-USD): Bitcoin prices rose following President Trump's announcement of a cryptocurrency task force. The initiative aims to create a favorable regulatory framework for digital assets, aligning with his campaign promises. Experts anticipate this could attract new investors to the sector and stimulate blockchain technology development.
Strong corporate results, stability in the bond market, and performance from tech giants supported a positive sentiment in the markets. Companies like General Electric (GE) and Union Pacific (UNP) emerged as session standouts due to robust financial results. Despite pressure in the semiconductor sector, the market ended on an optimistic note, reinforcing investor confidence in continued growth.