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Most stocks started the new year with a bit of a hangover after an intoxicating ascent over the past nine weeks. Technology (-4.3%) fared the worst among the sectors, which were led by defensive groups like health care (2.0%) and utilities (+1.9%). Small caps suffered.
Our top performer was pacemaker and medical device maker Medtronic (MDT +5.6%). The company reported better than expected quarterly revenue and earnings, and boosted its profit forecast for 2024. Verizon Communications (VZ +3.3%) continued its rebound that has taken the wireless telecom giant 20% higher over the past month.
Both the consumer price index and producer price index for October provided fresh evidence that inflation is on the wane.
The Forbes Dividend Investor portfolio of 35 stocks gained an average of 4.24% this week. Intel (INTC +12.7%) was our top performer, aided by upgrades and price target increases from multiple analysts.
Markets last week performed like a long-bedridden flu patient who finally broke their fever and started feeling fine enough to dance. Multiple catalysts contributed to the biggest weekly drop in long-term interest rates since mid-March that sprung stocks out of a monthlong slump.