Stocks fell on uncertainties in international politics and new caution regarding interest rates. Another packed week of earnings and a key GDP report are slated for the week ahead.
MARKET RECAP
Despite an attempted rally early Friday, the S&P 500 experienced its biggest weekly drop since September 2023, falling 3.7%. Renewed geopolitical tensions and new suggestions from Fed Chair Powell on the possibility of delayed interest-rate cuts pushed stocks lower. Several major banks and Netflix highlighted earnings headlines with mixed reports. Goldman Sachs closed the week down 1.3%, while JP Morgan and Bank of America both closed in the green, rising 2.5% and 3.3%, respectively. Wells Fargo made a new 52-week high, while Netflix finished down 10.8%. Elsewhere, both oil and gold prices experienced volatility due to the aforementioned geopolitical tensions. In crypto, bitcoin continued its slump, dropping nearly 2% on the week despite anticipation around the halving on Friday.
| Past week | Year-to-date | 5-year | |
|---|---|---|---|
| S&P 500 | −3.8% | 4.6% | 68.8% |
| Oil (WTI crude) | −2.6% | 18.2% | 31.4% |
| Gold (New York) | 1.2% | 16.4% | 87.0% |
| Bitcoin | −1.9% |
45.6% |
1,110.0% |
Source: Yahoo Finance, as of April 19, 2024.
KEY DATA FOR THE WEEK OF APRIL 22
Earnings season continues with key reports from banking, travel, tech, and more. Thursday's GDP report will provide an update on the state of the economy.
| First Republic Bank ( |
New home sales – Tuesday |
| JetBlue Airways ( |
Durable goods orders – Wednesday |
| United Parcel Service ( |
EIA petroleum status – Wednesday |
| Lockheed Martin ( |
GDP – Thursday |
| Boeing ( |
International trade in goods – Thursday |
| American Airlines ( |
Jobless claims – Thursday |
| See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of April 19, 2024.
SCREEN OF THE WEEK
Here are 5 stocks from the Fidelity.com Stock Screener that made new 52-week highs during the week of April 15, 2024:
- Mobile Health Network Solution (
) - Progressive (
) - Wells Fargo (
) - Victory Capital Holdings (
) - Argan (
)