Market Monitor December 03
By Kristoff De Turck - reviewed by Aldwin Keppens
Last update: Dec 4, 2024
Highlights
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Investors are awaiting labor market data and the Fed’s Beige Book, while market strategist Matt Maley warns of potential volatility due to overly optimistic sentiment.
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Palantir rose 6.9% and appears well-positioned for inclusion in the Nasdaq 100.
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Meta Platforms hit a record high of $613.65, driven by confidence in AI investments.
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U.S. Steel dropped 8% after Donald Trump strongly opposed its acquisition by Nippon Steel.
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PSQ Holdings soared an impressive 270% following the announcement that Donald Trump Jr. will join its board of directors.
Market Performance Overview
SPY (S&P 500):
- Up 0.18% on the day.
- Short-Term Trend: Positive with 1.35% gains over the week and 11.71% gains over three months.
- Long-Term Trend: Robust with a 31.17% gain over the last 12 months.
QQQ (Nasdaq 100 ETF):
- Advanced 1.1% on the day.
- Short-Term Trend: Leading performance with 1.88% gains over the week and 14.84% gains over three months.
- Long-Term Trend: Strong growth of 31.39% over 12 months.
IWM (Russell 2000 ETF):
- Slight decline by -0.05% on the day, reflecting minor underperformance among smaller-cap stocks.
- Short-Term Trend: Positive with 1.25% gains over the week and 16.28% gains over three months.
- Long-Term Trend: Solid with a 29.42% gain over the last year.
Sector Performance
1-Week
- Top-performing sectors include Information Technology, Communication Services and Health Care.
- Real Estate, Financials and Utilities were among the sectors that lagged significantly with a negative performance.
1-Month
- Leaders: Information Technology and Industrials, both showing substantial growth.
- Laggards: Real Estate and Consumer Staples with modest or minimal gains.
3-Month
- Strongest sectors: Information Technology (+30%), Industrials, and Consumer Discretionary all saw significant growth.
- Weakest sectors: Real Estate and Materials showed minimal growth, lagging behind the broader market.
All info available on our Sector Performance page
Historical Breadth Numbers
Market Breadth Metrics:
- Advancing stocks: 38.9%, Decliners: 57.9%, indicating a day of negative breadth.
- SMA Indicators: Bullish trends persist, with 66.8% of stocks above their 20-day moving average.
- The NH/NL ratio (5.8/1.1) remains strongly bullish, as stocks achieving new highs significantly outpace those hitting new lows, reflecting overall market strength.
