S&P 500 Index - Daily Chart - Jan 2 - 31, 2024 (Source: Tradingview)

January 2

After a strong finish to 2023, the market started this January in the red with the S&P falling 0.57% and the Nasdaq losing 1.68%, but the Dow eked out a 25-point gain. Technology stocks were weak due to a downgrade of Apple by Barclays and repercussions from recent outperformance in the market. Previous lagging groups including healthcare, consumer, energy, and utilities stocks performed well for the day.

January 3

On Wall Street, a rare event transpired, marking the second consecutive day in negative territory for the S&P since the start of the year. This occurrence, unseen since 2015, underscores the exceptional nature of the current market conditions. The Dow fell by a margin of 284 points, the S&P lost another 0.80%, and the Nasdaq again hit the hardest with a loss of 1.06%. Big tech names were down once again, a December ISM manufacturing report indicated the general contracting of manufacturing, and job openings came in a bit below expectations.

January 4

Both major averages and tech stocks stayed down as the market remained nearly stagnant this trading session. The Dow eked out a mere 10 points whereas both the S&P (-0.34%) and Nasdaq (-0.53%) declined. Data on November private payrolls came out which was unable to move the market but on the upcoming day, the more important non-farm payrolls report will be disclosed.

January 5

The major averages moved up fractionally for the day but ultimately succumbed to weekly declines, ending the long win streaks they held. Dow stocks rose by 25 points, S&P rose by 0.18%, and Nasdaq rose by 0.15%. The stronger-than-expected economic data suggested a hot jobs market which goes in contrast to the consumers who yearn for a reason to justify interest rate cuts.

January 8

The market rallied with tech in the lead as the major averages rose from a week full of loss. Stocks climbed with the Dow rising by a 216-point margin, the S&P going up 1.41%, and the tech-heavy Nasdaq climbing 2.11%. Given the negative outcomes of both the Santa Claus Rally and the 5-day indicator, a potential market decline this year is being considered.

January 9

The previous day’s rally was unable to follow through with the majority of the market falling this trading session. The Nasdaq was able to eke out a 0.17% gain however the Dow declined by 0.42% (157 points) and the S&P went down 0.15%. Oil was up for the day, yet in contrast, oil stocks fell with Chevron and Halliburton weighing down on the market.

January 10

The market rose all across the board as investors waited for a new batch of inflationary data. The Dow climbed up 170 points while the S&P and Nasdaq rose 0.57% and 0.69% respectively. Mortgage demand has risen greatly since the beginning of the year with mortgage rates being lower than the previous month.

January 11

With a slightly warmer-than-expected inflation report coming into light the market remained laid back and listless. The Dow gained 15 points and the Nasdaq went up 0.17% while the S&P recovered from lows and ended at a 0.07% loss. Although the CPI data was slightly higher than expected, the drop in the core inflation's annual pace to below 4% suggests easing inflation.

January 12

The market fell off from a strong start as the December Producer Price Index came out lower than expected. The Dow dropped 118 points but both the S&P (+0.08%) and Nasdaq (+0.07) managed to stay just above the flatline for the day. The decline of the December PPI points towards lower inflation all the while earnings season kicked off with mixed reports from banks but generally remained strong.

January 16

Major averages all went into the negatives with the Dow down 231 points, the S&P 0.37% in red, and the Nasdaq hovering 0.01% below the flatline. Earnings season is fully in motion with the majority of companies in the S&P 500 reporting to be above revenue estimates. Simultaneously, companies reporting earnings early in the season turned out lower than expected.

January 17

The major indices once more sustained a day of losses with Boeing starting to recover after a devastating fall due to manufacturing issues. The Dow fell by a 94-point margin, and both the S&P and Nasdaq fell by 0.56% for the day. The Department of Commerce released the December consumer report, with retail revenues coming in above analyzed estimates.

January 18

Taking a step in the opposite direction, the market walked north and never turned back, with all major averages hitting near highs. Dow stocks climbed up 201 points, the S&P jumped 0.88%, and the Nasdaq had risen 1.47%, becoming the biggest winner for the day. Apple shares went up above 3% while other technology sectors had breached all-time highs this trading session.

January 19

The trading week ended strongly with all the major indices getting the push needed to break highs. The S&P had gone up 0.88% and hit historic highs, the Dow leaped up by 395 points, and the Nasdaq had ended the session 1.95% in the green. Technology stocks played a large role in bringing the S&P to new peaks, the sector being up 15% compared to the last S&P historic high.

January 22

The week started fairly strong with force from previous sessions bringing momentum to this trading day. Dow stocks had increased by a 138-point margin, the S&P went up 0.22%, and the Nasdaq drifted 0.09% higher. Akin to last year, the IPO market begins while bathed in hope that spurs from a market rally.

January 23

Wall Street went through a fairly mixed day with the S&P and Nasdaq increasing by 0.29% and 0.43% respectively while the Dow sustained a 0.25% (96-point) loss. The Dow was weighed down by an 11% plummet from 3M, which despite having greater earnings had been sold en masse due to light guidance. Pressure from 3M had been offset by a jump in Verizon stocks, accompanied by Procter and Gamble's beating on earnings.

January 24

The pattern from the previous day repeated with the Dow in the red while the S&P and Nasdaq reside in green territory. The tech-heavy Nasdaq went up 99 points while the S&P drifted up 0.08% and the Dow declined by 99 points. Netflix led the S&P higher, posting strong earnings and a gain of 13.1 million subscribers in the previous quarter.

January 25

The major averages managed to stay positive today despite rather disappointing earnings reported by Tesla. Dow stocks had risen by a 224-point margin, the S&P gained 0.53%, and the Nasdaq which had lagged behind for the day eked out a 0.10% gain. Tesla reported earnings that hit below expectations while also foreshadowing an upcoming slowdown.

January 26

Wall Street ended mixed with the S&P dipping into the red after having 6 consecutive winning days. Dow stocks rose 60 points for the day whereas the S&P drifted 0.07% lower and the Nasdaq declined by 0.55%. Chip giant Intel dragged down the S&P as the stock had dropped 11% due to weaker-than-expected guidance.

January 29

The market started the week off strong with all major indexes increasing and breaking 52-week highs. The Dow jumped by a 224-point margin, the S&P rose by 0.76%, and the Nasdaq finished the day up 1.01%. Tesla rebounded by 4% after suffering from a disappointing earnings report; meanwhile, iRobot fell by 9% after Amazon announced its discontinuation of joint business with the company.

January 30

The market ends with little movement in either direction as the S&P loses 0.06% while the Nasdaq declines by 0.68% and the Dow rises 133 points. Good data seems to be making up the month with a strong jobs market from a well above expected jobs growth, and consumer confidence being at highs in January. Investors wait for the upcoming Federal Reserve meeting as reporters will be vigilant for signals that indicate the idea of rate cuts.

January 31

On the last trading day of the month, the Nasdaq experienced a decline at the open, dropping 1.1% due to a decrease in Alphabet and Microsoft shares, reflecting broader tech sector weaknesses. Meanwhile, the S&P 500 saw a modest retreat of 0.5%, contrasting with the Dow Jones Industrial Average, which managed a slight increase of 64 points, or 0.1%. As Wall Street eagerly awaits today's verdict on interest rates from the Federal Reserve, all eyes are on Fed Chairman Jerome Powell's subsequent remarks, poised to offer crucial insights into the economic landscape.