PUT IN WORK (3/25/2024)

Last week, the stock market pushed to new heights once again. Once everything was said and done, by the end of Friday, the Nasdaq (QQQ) ended up 3% for the week, while the S&P 500 (SPY) ended up 2.3%. Some corporate giants also had fantastic weeks in the stock market, pushing to greater heights despite their already soaring price.

One such company is Nvidia (NVDA), whose stock looks to be climbing even higher as investors try to push it to that $1,000 level. It ended the week priced at $943, making it the first time the stock has ended a week above the $900 level. This is significant because, in the two weeks prior, although investors were able to push the stock above $900, it never stuck. Depending on how the market shapes up this week, it’s possible that we could see a push for $1,000.

Another stock that appears to be racing for a new high is Meta (META). Although it hasn’t quite touched its all-time high, it’s only about $10 from reaching that it. Furthermore, it closed the week out higher than it has any other week in its history, meaning it, too, could see a new high depending on how the market moves this week.

Last week’s impressive performance can almost entirely be attributed to the Fed meeting that took place on Tuesday and Wednesday. Surprisingly, investors were comforted by Jerome Powell’s words. Although opening statements made them weary, by the end of the meeting, investors were more than happy to hear that despite not knowing exactly what month cuts will begin, the Fed still plans on implementing three rate cuts before the end of the year. That news flipped markets around on Wednesday and Thursday, turning what initially looked like two down days into some serious positive momentum for investors. Now it’s time to see if that momentum can continue as we head into this upcoming week.

Lastly, although arguably the market’s most important earnings are out of the way, we still have a handful on the horizon. This week, companies such as Gamestop (GME), Luna (LUNA), Precision Biosciences (DTIL), Ncino (NCNO), and Carnival (CCL) will be reporting throughout the week. We’re interested in seeing how investors take all his information and utilize it over the next several weeks, especially as they look to the future in search of rate cuts.

(Nasdaq ETF (QQQ) price from February 2023 - 2024 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Our stocks reacted positively alongside the rest of the market as a whole, with the majority rising several percent over the last week. We’re looking to add another stock or two to our portfolio in the hear future, so keep an eye out for any alerts. We plan to hold all currently owned stock into the foreseeable future. As always, thank you for reading and happy investing.