12/8 Weekly Market Report

This week (ending December 6, 2024), the U.S. stock market extended its recent rally with modest gains, marking the third consecutive week of growth. The S&P 500 rose by 0.7%, buoyed by strong performances in the technology and communication services sectors, particularly AI-related stocks. Energy stocks also contributed, though materials, consumer discretionary, and utilities underperformed. Meanwhile, Bitcoin surged past $100,000, and gold held steady near record levels​.

Economic data supported the bullish sentiment. A better-than-expected jobs report, declining unemployment claims, and expectations for the Federal Reserve to lower rates further in December encouraged optimism. However, oil prices dipped 1.7% after early-week gains, reflecting volatility in the energy markets​.

Looking ahead, market focus will shift to key economic reports next week, including the Consumer Price Index (CPI) and Producer Price Index (PPI), which will provide further insights into inflation trends and monetary policy implications​.

QQQ:

SPY:

Interesting Stock:

QBTS broke out this week, making an impressive 68% move in only two days. This stock, a part of the technology sector, reflects general strength in the market. The market has been bullish for such a long time that these smaller stocks are finally getting some momentum, making these large moves that can help double, or even triple your account in a year.