Shares of smaller companies looked as though they were finally about to shine. Then 2024 happened. The Russell 2000, an index of small and midsize companies, has tumbled 4.1% in the new year, lagging behind the S&P 500’s gain of 1.5%.
$2,663 The price per square foot in Boston’s 02115 ZIP Code in December, making it the priciest median residential real estate in the U.S., according to data from Realtor.com. ($28,664 per square meter)
Dow Climbs Above 38000 for First Time. Goldman Sachs shares pushed the Dow Jones Industrial Aver-age past 38000 for the first time The Dow industrials added 0.4% to 38001.81. The S& P 500 added 0.2%, kicking off the week with another high, and the tech-heavy Nasdaq Composite added 0.3%.
China’s real-estate crisis has dragged down the economy, caused massive layoffs and pushed multibillion-dollar companies to the point of collapse. Economists think it is about to get worse. Sales of newly built homes in China fell 6% last year, returning to a level not seen since 2016. Chinese developers and local governments are so desperate to attract home buyers that some have resorted to bizarre marketing strategies. A subsidiary of real-estate conglomerate Dalian Wanda ran a video advertisement featuring the slogan “buy a house, get a wife for free.”
China’s stock market has been flat since 1992
Europe’s economy is beginning to feel the pain from supply- chain disruptions caused by the Middle East crisis. Data released on Wednesday showed businesses had to wait longer for parts to arrive in January after attacks by Yemen- based Houthi rebels on cargo ships in the Red Sea disrupted freight routes from Asia.
The U.S. economy grew 3.1% over the last year, defying projections of a recession as a resilient labor market supported strong consumer spending. The year was capped by a fourth quarter in which the economy grew at a 3.3% seasonally and inflation-adjusted annualized pace.
The European Central Bank held its key interest rate at a record high (4%) as investors dial back expectations of rate cuts.
Apple passed Samsung last year to become the world’s biggest seller of smartphones by volume. Apple shipped nearly 235m of the devices, 4% more than in 2022 and despite a downturn in the wider market. That compared with Samsung’s 227m, a drop of 14%.
Microsoft became the second company ever to end the trading day valued at more than $3 trillion after the software giant’s shares rose 0.6% to $404.87 each.
We wrote a write-up on Nova Leap Health, a Canadian home healthcare nanocap:
Have a great week!