Market Pulse: January 15, 2024

As of January 15th, 2024, global stock markets exhibited cautious optimism for the year. Major indices posted modest gains year-to-date

US Markets: The Dow Jones Industrial Average rose 1.3%, the S&P 500 advanced 1.7%, and the Nasdaq Composite added 1.0%.

Global Performance: European markets mirrored the US, with moderate gains. Asian markets showed some regional disparity.

Sector Standouts

Growth Outperforms Value: Growth-oriented stocks continued their outperformance from the previous year. Communication Services (+4.4%) and Financials (+3.1%) led the pack, as the MAG 7 continue to lead.

Energy Lags:** The Energy sector remained the laggard, down nearly 3% YTD. This decline is likely due to a combination of factors, including softening crude oil prices.

Market Movers

Geopolitical Tensions: North Korea launched what appeared to be an intermediate-range missile, raising concerns about regional stability. However, the market essentially took it in its stride

Central Bank Stance: No significant announcements regarding interest rates or policy changes were made by major central banks this early in the calendar

Other Asset Classes

Bond Markets: Bond prices showed slight weakness, with the yield on the 10-year U.S. Treasury note edging closer to 4%. This trend reflects some investor anticipation of potential future rate hikes.

Currency Markets:** The U.S. Dollar remained relatively stable against major currencies.

Commodities: Overall commodity prices were flat. Crude oil remained pressured by concerns of slowing global economic growth.

Precious Metals: Gold prices held steady, hovering around $1,820 per ounce. Silver prices experienced slight volatility, but closed the day near $22 per ounce.


Investor sentiment remained cautiously optimistic as the market awaited further cues on inflation, interest rate policy, and global economic growth. The upcoming earnings season and any major geopolitical developments will likely influence market direction in the coming weeks.

Defensive sectors continue to become cheaper and cheaper against the more ‘risk on’ sectors such as technology shares. Utilities, consumer staples trade at historically depressed valuation levels. That’s not to say that they won’t become cheaper still, but it is worth putting on one’s radar.

General disclosure:This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from Aria Capital Management or any of its related companies to participate in any of the transactions mentioned herein. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive and no representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The opinions expressed are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. Past performance does not guarantee future results. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.


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