From Nasdaq:

The week of January 1, 2024, was a mixed bag for U.S. stock market, with the Nasdaq Composite Index (IXIC) suffering losses but the Dow Jones Industrial Average (DJI) managing to eke out a win. However, the S&P 500 (SPX) and Dow quickly caught up with the tech-heavy Nasdaq in terms of losses after the Federal Reserve’s meeting minutes hinted that the central bank isn’t ready to slash interest rates.

Investors focused on jobs data later in the week, with Friday’s nonfarm payrolls report coming in hotter than anticipated. Bond yields were in focus as well, with the 10-year Treasury yield rising above 4% by the end of the week.

Our 2024 stock picks report is out now, and among the 12 stocks that we think will outperform this year are Cloudflare (NET) and Dropbox (DBX). Some stocks that tend to underperform in January include Pfizer (PFE) and Qualcomm (QCOM).

In the first week of the year, Peloton (PTON) inked an agreement with TikTok to create an online workout hub called #TikTokFitness, while Eli Lilly (LLY) launched a new website that offers home delivery and telehealth options. Additionally, Novo Nordisk (NOVO) popped after announcing new partnerships with Cellarity and Omega Therapeutics (OMG), while Southwest Airlines (LUV) looks like it will finally have to pay for its 2022 travel debacle that left more than 2 million travelers stranded.

Upcoming reports from major banks are due to excite investors next week, with consumer price index (CPI) and producer price index (PPI) readings on tap. Additionally, the latest news behind the bounce-back year in Wall Street and why short-term traders should be wary of the rally is also expected.



Read more: Breaking Down Wall Street’s First Week of 2024