DAILY UPDATE: Wall Street Stocks, Dow Dogs, Commodities, Gold, the Fed, Yen and Bitcoin
MEDICAL EXECUTIVE-POST - TODAY'S NEWSLETTER BRIEFING *** Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants "Ser…
Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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If you can believe it, Friday was the final trading day of the first half of 2024. It might be a good time to reflect on your New Year's resolutions to see how you're measuring up halfway through the year.
Dogs of the Dow: The 139-year-old index has never looked more its age, with components Nike, Intel, and Boeing all down more than 30% in 2024. The Dow has gained less than 4% this year.
But, the S&P 500 gained a sublime 15% in H1, and Nvidia alone was responsible for more than a third of that gain. The maker of AI chips surged ~150% since Jan. 1st to become the most valuable company in the USA at one point.
Going into 2024, investors were expecting the Fed to cut interest rates six times. There hasn't been a single rate cut yet, but that hasn't stopped the S&P from notching 31 all-time closing highs, good for the second-best tally of records this century. Stocks have overcome the Fed's delay thanks to strong earnings, a sturdy economy, and AI fever.
Commodities soar and a currency plummets. Cocoa boomed nearly 85% over shortage concerns. Gold hit a record high last month. The Japanese yen has slumped to a 38-year low against the US dollar.
Bitcoin got a boost from new ETFs, but it's getting boring.
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