🚀 Bad week for stocks

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Stocks retreated on Friday, with the S&P 500 and Nasdaq Composite each losing 0.5% and the Dow Jones Industrial Average falling 388 points, or 0.9%, as Wall Street concluded a week marked by a rotation toward stocks perceived as benefiting more from potential Federal Reserve interest rate cuts, such as small caps. The S&P 500 has dropped over 1.5%, for its worst week since April, and the Nasdaq slipped over 3%, ending its six-week winning streak. In contrast, the Dow is up about 0.6%, and the small cap-focused Russell 2000 has gained almost 2%. Glen Smith of GDS Wealth Management noted a "long overdue rotation" as investors moved funds from high-performing tech stocks to other sectors. This shift has relieved concerns about the rally's dependence on a few massive tech stocks, while rising optimism about rate decreases has bolstered smaller, cyclically oriented stocks.

2. The ringleader of a nationwide retail crime operation targeting Ulta Beauty and other retailers, Michelle Mack of Bonsall, California, is facing over five years in prison. Sentenced to five years and four months, Mack’s sentence will officially be set in January, with her husband Kenneth receiving the same sentence but set for release after one year, followed by probation and community service. The judge allowed Mack to serve her sentence after her husband’s release to care for their children, with the couple ordered to pay $3 million in restitution. Mack’s operation, run from her mansion, involved about a dozen people stealing millions in merchandise, reselling it on Amazon, where she earned nearly $8 million since 2012. Mack and her husband were arrested in December, with her Amazon store shut down. The case highlighted the severe impact of organized retail crime, with Ulta Beauty CEO Dave Kimbell emphasizing the significant financial and human toll.

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4. Headlines

   1. Netflix increased ad-supported memberships by 34% year over year.

   2. Issues with CrowdStrike caused a massive IT outage impacting numerous major companies including banks, phone companies and airlines.

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