WEEKLY MARKET RECAP – OCTOBER 18, 2024

The S&P 500 Index rose, driven by gains in the utilities and real estate sectors, while energy stocks declined in response to a drop in oil prices. The retreat in oil prices came as concerns over potential Israeli attacks on Iran’s oil and gas infrastructure eased. Smaller-cap stocks performed better, with the Russell 2000 Index and the S&P MidCap 400 Index outperforming.

After trailing earlier in the week, the Nasdaq Composite saw strong gains on Friday. Positive quarterly results from Taiwan Semiconductor Manufacturing, a key player in producing advanced semiconductors, helped reignite enthusiasm for AI-related stocks in the index. The tech-focused benchmark also benefited from companies delivering better-than-expected earnings.

Yields on intermediate- and long-term bonds rose on Thursday but fell again on Friday after reports showed a decline in housing starts and building permits in September. (Bond prices and yields move inversely.)

In a positive sign for third-quarter economic growth, U.S. retail sales rose 0.4% in September, up from a 0.1% increase in August, slightly surpassing the consensus estimate of 0.3%. Consumer spending was robust across sectors, with 10 out of 13 retail categories seeing increased sales. A key measure of retail sales, excluding autos, building materials, food services, and gas stations, rose 0.7%—the fastest pace in three months.

Industrial production fell 0.3% in September, following a 0.3% increase in August, with the previous month’s figure revised down from 0.8%. The Federal Reserve attributed the September decline to disruptions from Hurricanes Francene and Helene, as well as a strike by Boeing machinists.

New unemployment claims surged in early October, partly due to the effects of Hurricane Helene in the Southeastern U.S. However, initial jobless claims unexpectedly dropped to 241,000 in the week ending October 12, a decrease of 19,000. The number of continued claims, or those receiving unemployment benefits for more than one week, increased by 9,000 to 1.867 million, below the expected 1.876 million.

 

Major U.S. Economic Reports

ReportPeriodActualPrevious
Empire State manufacturing surveyOct.-11.911.5
Import price indexSept.-0.4%-0.2%
Import price index minus fuelSept.0.1%0.1%
Initial jobless claimsOct. 12241,000260,000
U.S. retail salesSept.0.4%0.1%
Retail sales minus autosSept.0.1%
Philadelphia Fed manufacturing indexSept.10.31.7
Industrial productionSept.-0.3%0.3%
Capacity utilizationSept.77.5%77.8%
Business inventoriesAug.0.3%0.3%
Home builder confidence indexOct.4341
Housing startsSept.1.35 million1.36 million
Building permitsSept.1.43 million1.47 million

Closing Prices for the Week

ContractClose
Dow Jones Industrials Average43,275.91
Nasdaq Composite18,489.55
S&P 500 Index5,864.67
CBOE Volatility Index18.03
S&P GSCI531.98
U.S. Dollar Index103.493
10-Year T-Note (Dec ’24)112-070
Crude Oil WTI (Dec ’24)68.69
Natural Gas (Dec ’24)2.765
Gold (Dec ’24)2,730.0
Silver (Dec ’24)33.234
Corn (Dec ’24)404-6
Wheat (Dec ’24)572-6
Soybean (Nov ’24)970-0
Coffee (Dec ’24)257.30
Sugar #11 (Mar ’25)22.18
Cocoa (Dec ’24)7,450

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