US stock indices experienced a strong uptick on the day but each remained in decline for the fourth consecutive week. The S&P index increased by 117.42 points or 2.13% to close at 5638.94, while the NASDAQ rose by 451.07 points or 2.61% to reach 17754.09.
For the week, the S&P fell by -2.27%, following declines of -1.66%, -0.90%, and -3.10% in previous weeks. The NASDAQ decreased by -2.43%, with earlier drops of -2.1%, -3.47%, and -2.43%. The Dow industrial average rose 634.62 points or 1.65% to 41488.79 but fell -3.07% for the week.
Russell 2000 Performance
The Russell 2000 saw an increase of 2.53% today, though it declined -1.512% over the week. Among the Magnificent 7, Nvidia rose 5.27% today, with a weekly increase of 7.97%, while other firms showed mixed results, with Apple falling -10.7% this week.
Year-to-date performance reveals the Dow industrial average down -2.48%, the S&P index down -4.13%, the NASDAQ down -8.06%, and the Russell 2000 down -8.34%.
The data sets the stage for what has been an ongoing decline in major US indices, even amid short-term rebounds. Gains on the final trading day offer little relief when compared to broader trends, which point to sustained weakness. Markets have now recorded a fourth straight week of losses.
A closer look at the weekly numbers shows that downward momentum has been consistent across the S&P 500, NASDAQ, and Dow Jones Industrial Average, despite Friday’s positive close. The NASDAQ, in particular, has been seeing heavy selling, with recurring weekly declines exceeding 2% for the past month. Meanwhile, the industrial-focused Dow has not been spared either, with this week’s loss of more than 3% adding to its broader year-to-date weakness.
Tech stocks continue to play a major role in market movement, which has been evident through the varied performance of the so-called Magnificent 7. Nvidia’s strong rise, both today and over the past week, contrasts against Apple’s sharp weekly decline of over 10%. Such divergence among major names within the sector suggests that not all technology firms are benefiting from the same positive forces.
Broader Market Pressure
Broad indices remain under pressure in 2024, with each of the major US stock benchmarks now registering declines for the year. This persistent drawdown extends beyond just one sector, as reflected in the Russell 2000’s poor performance. Small-cap stocks have been struggling, and their 8.34% year-to-date decline is a reflection of that ongoing difficulty.
For those navigating these moves, the takeaway is clear—this is not a market where short-term spikes should be mistaken for a broader shift in direction. Selling pressure has remained dominant, and while there are isolated bright spots, the wider pattern still leans towards continued caution.
