10 Best Investments for 2024

To begin our holiday weekend, here is the latest wrap up on the best bets for this year so far ... 

Stocks rebound to close higher but Dow down for the week

Today the U of M consumer sentiment survey proved to be the major market driver showing that the public’s expectations on inflation have improved considerably, (as the graph below shows) that “maybe things aren’t as bad as we thought.” This combined with a rebound report on durable goods shot the indexes up, the Dow up some 150 points by 11 a.m.  After 11 a.m., both the S&P and Nasdaq stabilized, staying mostly up but flat for the rest of the day.  

Stocks fall despite Nvidia boost as inflation concerns weigh

The predictions that a positive Nvidia report would spark a new rally proved completely wrong today as Fed issues once again dominated sentiment, sending all three indexes into the red, with a particularly strong dive right at the noon hour, and the Dow specifically hit hard going down 605 points. The consensus is a repositioning for more disappointing data on growth, inflation and rate cuts. Though the news was good with growing business activity and lower unemployment, “good news is still being greeted as bad news.” The odds of a September cut are now only 52.2% vs Tuesday’s 64.8% vs last week’s 70%.  Volume remains well above average at 13.7 billion. 

US stocks close down, oil tumbles after Fed minutes; Nvidia reports

It’s the old story of the Fed leading the market, so after going all morning close to flat, all three indexes took a major dive right around 1 pm, which is likely when the Fed minutes were released conveying the disappointing news of the continuing chant of “higher for longer” as the Fed took recent inflation data as evidence that “disinflation would likely take longer than previously thought.”

Stocks end slightly higher after Fed comments, ahead of Nvidia

It was a total seesaw day but staying in tight range not too far from break-even and with all indexes closing with modest gains as everyone holds off on the big bets awaiting Wednesday’s Nvidia report. (Actually, it’ll be Thursday since the report will not be published on Wednesday until after market close.) The graph below shows how this enormously successful company that is leading the AI charge has become a major presence on the tech indexes. 

Nasdaq hits record, S&P ticks higher with Nvidia results eyed

Nvidia remains all the craze as Wall Street anxiously awaits their numbers come Wednesday, which has shot the Nasdaq up to a new record, but as tech goes usually safe haven industrials go the opposite so the Dow fell nearly 200. Everything started in the black but then went south after about 1 pm. Perhaps that’s when Fed officials made their statement that no changes are foreseen. 

Looming Recession

In my efforts to strive to present a balance with conflicting views, I submit this week's edition of WealthTrack and Consuelo Mack's guest, Nancy Lazar, a leading Wall Street economist who seeks to make the case that Americans should be preparing for a serious recession and not the "soft landing" that most of Wall Street has been banking on.