Nasdaq and S&P 500 Get Best January Since 2001 and 2019, Respectively
Per Barrons and CNBC
The Nasdaq and the S&P 500 have seen their brightest January this 2023, since 2001 and 2019, respectively. Many reports of a potential recession this year have surfaced, as the Feds have been raising rates throughout 2022.
This report comes at a time when Michael Burry, the legendary Big Short investor who made money from the 2008 financial crash when nobody expected it, decided to sell. This came after he liquidated his entire portfolio in 2022 and started buying individual stocks again during the third quarter of last year before revealing in December that he was not short.
Elon Musk also recently said that the Fed "could crush the value of the entire stock market" during a Tesla Q4 earnings call. He noted that the Feds need to tread carefully with its move against inflation, warning that the stock market could be at risk.
In January, the Nasdaq reported an increase of 10.7%, the best January since 2001, per the Dow Jones Market Data. This is the best-performing January in the past 22 years.
The S&P 500, on the other hand, gained a whopping 6.2%, with some of its top performers, like General Motors rising by 8.4% after it posted earnings. This was the S&P 500's best-performing January ever since 2019.
Per a report by Reuters, all 11 sectors of the S&P 500 showed "positive territory," with materials and consumer discretionary leading compared to other sectors. The two sectors were reportedly up by over 2%, and it noted that the market could have a busy week as Alphabet Inc., Amazon.com Inc, and Apple Inc are expected to file their reports as well.
The S&P 500 had no new, while Nasdaq Composite had 25 new lows. However, when it came to new highs, the S&P 500 said they had 10 new 52-week highs, while Nasdaq Composite had 100 new highs.
See flow at unusualwhales.com/flow.
Other News:
- Michael Burry says to sell
- Elon Musk Says: 'The Fed Could Crush the Value of the Entire Stock Market'
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