Bulls Drive the Longest S&P 500 Advance This Year – US Market Wrap

Stocks saw their longest weekly gain in 2024 as Wall Street traders sorted through a plethora of corporate results and indications the largest economy in the world is holding up.

Equities reached all-time highs on the eve of the 37th anniversary of the “Black Monday” market crash, with gains in the majority of major groups.
For the sixth consecutive week, the S&P 500 was up. In anticipation of a wider rally, the equal-weighted version of the gauge, which gives Target the same influence as Microsoft, also hit a record high. On the strength of its earnings, Netflix surged 11%. As sales of Apple’s newest iPhones surged in China, the company’s stock rose 1.2%. After reducing its revenue projection, American Express saw a 3.2% decline.

Megacaps continue to account for the majority of the growth in S&P 500 earnings, with the “Magnificent Seven” projected to increase their third-quarter profits by 18%. In the first quarter of 2025, the other companies’ results are expected to accelerate to double-digit gains, despite the fact that they are only showing a 1.8% increase in earnings.

With a 0.4% increase, the S&P 500 set its 47th record in 2024. The Nasdaq 100 saw a 0.7% increase. There was minimal change in the Dow Jones Industrial Average. Although it barely moved on Friday, the Russell 2000 of smaller companies was up nearly 2% this week.

The yield on the 10-year Treasury note dropped one basis point to 4.08%. The USD fell 0.2%. As China’s demand for crude fell and the US redoubled its efforts to end the Middle East conflict, oil saw its biggest weekly decline in over a year. Gold exceeded $2,700.