Since the massive crash at the beginning of the month caused by the Yen Carry Trade selloff, the US market has recovered and reversed all of its losses. Federal Reserve Chair Jerome Powell’s positive commentary, an increase in retail sales, and a cooling of inflation supported the market.
Traders are now waiting for Jerome Powell’s comment at the Jackson Hole event on Friday. He is likely to provide the Federal Reserve’s long-term roadmap to support growth.
Top Gainers and Losers in the US Stock Market
Top Gainers
The following are the top gainers in the last one week.
| Stocks | Last 7 Days Gains (in %) |
| Nvidia | 13.17 |
| Tesla | 11.40 |
| Nike | 11.04 |
| AVGO | 9.50 |
| Netflix | 9.39 |
Top Losers in the US Stock Market
The following are the top losers in the last one week across various sectors:
| Stocks | Last 7 Days Loss (in %) |
| Valero Energy Corporation | 5.83 |
| Diamondback Energy | 4.54 |
| Dominos Pizza | 4.25 |
| Exxon Mobil | 3.12 |
| Insulet Corporation | 3.46 |
Technology Services, Electronic Technology, Retail Trade, Consumer Durables, and Producer Manufacturers supported the market higher last week due to improved investor sentiment.
On the other hand, energy stocks continue to experience a sharp drop in prices due to increased crude oil prices. In the last week, Brent Crude has been down by nearly 5% and is trading around the $77 level.
How did the US stock market indexes perform during the week?
Nasdaq 100
Stocks in Nasdaq gained ground last week as traders built up their bullish positions on tech stocks. Nvidia and Tesla are leading the charge and were the top gainers in the index last week.
On Tuesday (20th August 2024), the Nasdaq 100 continued to trade with a positive bias and looked for momentum. It traded flat, with a slight loss of 0.24% at the end of the day. In the last five trading sessions, the index has been up by 3.55%.
Looking at the daily chart, the index’s overall momentum appears to be positive. The index has broken above the 50-day Moving Average, and the slope is also rising, indicating strong buying. However, the 20,000 level is expected to provide strong resistance. Below, 19,200 and 18,900 are two important support levels.
S&P 500
Last week, energy stocks were among the worst performers in the SP500 index as traders reacted to the drop in crude oil prices. Healthcare and consumer defensive stocks continue to gain upside momentum, supporting the market’s higher levels.
On Tuesday (20th August 2024), the S&P 500 ended the day flat and down marginally by 0.20%. The index was up by 2.84% in the last five trading sessions.
The index maintained positive momentum yesterday and is attempting to stay above the 5600 level, which has turned resistive. It must break above its all-time high of around 5,665 to move higher. The index will find strong support at around the 5,450 level.
Conclusion:
In the coming weeks, the Federal Reserve’s action and commentary on rate hikes, inflation management, and how it intends to spur growth in the world’s largest economy will influence the market’s dynamics. Political uncertainty will also play a role as the presidential election date approaches. To navigate the current market uncertainty, investors should exercise caution by focusing on diversified portfolios and defensive stocks.
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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.
