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Stocks start December with another green week

Stock market update: December 6, 2024

Stocks notched their third straight winning week on the heels of November's strong close. Investors will keep a close eye on Wednesday's CPI update for clues about the strength of the economy.

MARKET RECAP

The S&P 500 built on November's 5.7% jump by starting December with another modest gain. Tech stocks played a strong role in the week's rally, thanks in part to strong performances from AI-related stocks. Elsewhere, expectations that the Fed will lower interest rates again in December also spurred bullish sentiment, while positive retail sales data and a better-than-expected jobs report added fuel to the fire. Overall, the information technology, communication services, and energy sectors performed the best, while materials, consumer discretionary, and utilities lagged during the week. The market's overall bullishness extended to crypto, with bitcoin breaking $100,000 on Wednesday night, and many altcoins (non-bitcoin cryptocurrencies) posting strong gains in unison. Gold, meanwhile, remained relatively flat and continues to consolidate on the heels of its October all-time high. Oil jumped on Tuesday, but gave up its gains by the end of the week.

Past week Year-to-date 5-year
S&P 500 0.7% 28.3% 93.5%
Oil (WTI crude) −1.7% −4.5% 13.4%
Gold (New York) 0.2% 28.6% 81.9%
Bitcoin 4.4% 129.4% 1,239.3%

Source: Yahoo Finance, as of December 6, 2024.

KEY DATA FOR THE WEEK OF DECEMBER 9

The earnings week lineup includes reports from several large tech companies. More economic data will be released as well.

Oracle () – Monday CPI – Wednesday
MongoDB () – Monday EIA petroleum status report – Wednesday
AutoZone () – Tuesday PPI - final demand – Thursday
GameStop () – Tuesday Jobless claims – Thursday
Adobe () – Wednesday EIA natural gas report – Thursday
Broadcom () – Thursday Import and export prices – Friday
See the full earnings calendarLog In Required (login required). See the full economic calendar.

Source: Fidelity.com, as of December 6, 2024.

SCREEN OF THE WEEK

Here are 5 stocks from the Fidelity.com Stock Screener that made a new 52-week high during the week of December 2, 2024:

  • AutoZone (AZO)
  • O'Reilly Automotive (ORLY)
  • Docusign (DOCU)
  • Booking Holdings (BKNG)
  • IREN (IREN)

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Past performance is no guarantee of future results.

The S&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent US equity performance.

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