January 09, 2024

Stocks End 9-Week Winning Streak

Latest Publications Stocks End 9-Week Winning Streak

Rethinking Timing of Rate Cuts

After the S&P 500’s strong finish to 2023 (+26.29%) equities fell in the first week of 2024 amid a pullback in tech and consumer cyclical stocks that accompanied a resurgence in Treasury yields. Analysts noted stretched valuations after the 2023 runup while the Fed’s less dovish December FOMC meeting minutes and a stronger jobs report, pointed toward reduced expectations for rate cuts in the first quarter. All three major U.S. averages posted weekly declines for the first time since October, snapping their nine-week winning streaks.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.