– Cap-weighted US Equity indices rebounded to recover losses from the first week of January.
– Rally in US stocks was narrow, centered around big tech. 7 of 11 sectors declined.
– Emerging markets declined. China’s equity market continues to struggle – China is only 11% above its 2022 bear market low.
– Sell the news – Bitcoin sold off on ETF launch after months of excitement and anticipation.
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– Commodities rallied on an oil price rebound, and global stocks and bonds started the first week of 2024 with declines.
– Last year’s worst performing sectors, Energy and Utilities, advanced, while last year’s biggest winner (Tech stocks) fell by 4%.
– Frontier markets with heavy commodity exposure started the year with strong rallies.
– Natural gas and oil were strong, and the dollar rebounded, up more than 1% for the week.
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Market Risk Index scales from 0 to 100%. Higher readings correspond with higher risk markets. Scores below 25% are bullish. Scores between 25-75% are neutral, and scores above 75% are markets vulnerable to major drawdowns.
Model Category Readings (Percentiles)
