Unify Financial Advisors Weekly Market Update
Markets experienced notable volatility last week as investors navigated shifting sentiment around technology stocks and mixed economic data. However, a strong Friday rally helped recoup some losses. Despite the late rebound, the S&P 500 finished the week down 0.10%. The Dow Jones Industrial Average (DJIA) gained 2.5%, reflecting the market’s sector rotation into defensive areas such as consumer staples, industrials, and energy.
Software stocks have been under immense selling pressure this year on concerns that AI could replace their services. However, the sell-off in certain names, such as Salesforce (CRM) and Intuit (INTU), seems overdone. The markets will continue to grapple with which companies and industries can leverage AI to boost productivity and which companies will compete with AI.
The December JOLTS report showed job openings trended downward to 6.5 million (-386,000) from November and were down 966,000 from a year ago. The number and rate of hires held steady at 5.3 million and 3.3%, respectively.
Weekly Outlook
Due to the government’s most recent shutdown, the Employment Situation Report was delayed last week but will be released this week. Also out this week is the January Consumer Price Index (CPI) release.
Please read the full Market Week report for details on last week’s market and economic trends.
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Thank you for reading! You are welcome to contact me directly with questions or comments.
Regards,
David Bennett