Market Summary 16th Jan 2024

Today, stocks generally saw a decline, influenced by rising yields. The $iShares Russell 2000 ETF(IWM.US)$ and $ARK Innovation ETF(ARKK.US)$ both experienced drops of over 1%, while the $iShares 20+ Year Treasury Bond ETF(TLT.US)$, which tracks US Treasury bonds, fell by 1.76%. Bigger indexes like the $SPDR S&P 500 ETF(SPY.US)$ and $Dow Jones Industrial Average(.DJI.US)$ had smaller decreases. Despite some significant falls, many stocks are still correcting in 2024, showing that both price adjustments and time are key factors in market corrections. Notably, $ARK Innovation ETF(ARKK.US)$ has been down for five consecutive sessions.

On a brighter note, some stocks are still showing strong performance. $Advanced Micro Devices(AMD.US)$, for instance, soared 8.31%, and $Palo Alto Networks(PANW.US)$ added another 2% gain. Additionally, the declines in less robust stocks have been relatively orderly. However, the shift to Net Lows calls for increased caution, particularly with newer and untested stocks. This makes it a time to be more careful about adding new names to investment portfolios.

US Heat List: $Tesla(TSLA.US)$ $Advanced Micro Devices(AMD.US)$ $NIO Inc(NIO.US)$ $NVIDIA(NVDA.US)$ $Phunware(PHUN.US)$ $Boeing(BA.US)$ $Apple(AAPL.US)$ $BABA(03012.MY)$ $Microsoft(MSFT.US)$