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July 16th 2024, 4:06:44 pm

(about a few seconds ago)

New Records for the US Stocks

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The US stock market has reached a two-year high as equities see another round of gains, with the S&P 500 index, serving as the broad benchmark, surpassing 4,800 for the first time in two years. The S&P 500 is maintaining its December rally, registering a 2.91% year-to-date increase, while the Nasdaq is up 3.37% in 2024. In contrast, the Canadian benchmark is displaying lackluster performance, experiencing a 0.48% decline this year.

Despite global Central Banks, including the US, indicating that interest rate cuts are unlikely until July, with an expectation of three cuts of 0.25%, the markets are currently pricing in more than six cuts this year. This optimistic outlook is based on the belief that inflation will decrease, and there is minimal risk of a recession.

Tech stocks, notably the prominent seven, led the Friday rally, propelling the indices to new highs. However, concerns arise as the remaining names in the US market have not witnessed comparable gains, causing some investors to question the sustainability of the market rally.

While the equity direction has defied bearish predictions by continuing to push higher, doubts linger about the ability of giant names like Apple, Google, Meta, and Amazon to maintain their current growth pace, especially considering their already astronomical valuations.

Analysts are already projecting a potential 15% growth in the US stock market for 2024, emphasizing the need for other names to follow the lead of these industry giants.