2024-02-01 09:00:00 ET
Summary
- The stock market had a positive week, with the S&P 500 and Dow Jones Industrial Average both seeing gains.
- Earnings season is about to get interesting with several major companies set to report, including Apple, Meta, and Amazon.
- The Dividend Harvesting Portfolio continues to perform well, generating consistent income and mitigating downside risk.
It ended up being another positive week in the markets as the S&P 500 increased 0.55% and the Nasdaq climbed 0.29%. Earnings season is about to get a lot more interesting with Microsoft ( MSFT ) and Alphabet ( GOOGL ) reported on Tuesday 1/30 while Apple ( AAPL ), Meta Platforms ( META ), and Amazon ( AMZN ) will deliver earnings on Thursday 2/1. Core PCE excluding food and energy rose by 2.9% in December which is the lowest increase since March 2021 which is interesting considering we're also headed into the Fed meeting on Wednesday 1/31 at 2pm. CME Group is still projecting there is a 97.4% chance that rates remain where they are with only a 2.6% chance that we see a 25 bps reduction. It’s going to be interesting to see what Jerome Powell says considering last time he was dovish and indicated rates would end 2024 at roughly 460 bps yet the market priced in several additional cuts. The combination of big tech and the Fed meeting will make for an interesting week for the markets. I think Jerome Powell will reinforce the 460 bps target and discuss being data dependent while nothing is set in stone. Ultimately, if big tech smashes earnings coming off a strong holiday season and delivers strong guidance, I think my original assumption of a broad market rally lifting the major indices will go out the window. It's going to be exciting and no matter what happens I am excited to keep building out the Dividend Harvesting Portfolio....
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Dividend Harvesting Portfolio Week 152: $15,200 Allocated, $1,337.17 In Projected Dividends