Semiconductors, Gold Highs, and S&P 500 Results
- Bring it Back Home -The CHIPS and Science Act, a bill that created funding for semiconductor producers in the United States, is in full swing. Among the recipients are Samsung Electronics with $6.4 billion in grants, Micron Technology with $6.14 billion in grants, and Intel with $8.5 billion in grants (source: Semiconductor Industry Association).
- Breaking the Streak - The *S&P 500 fell 4.16% in April 2024, marking the first decline since October 2023. This follows gains of 1.59% in January 2024, 5.17% in February 2024, and 3.10% in March 2024 (source: Y Charts).
- Going for Gold - Gold ended April 2024 at $2,290.53 per ounce, with the month-high at $2,390.86 on April 19. Adjusting the price of gold for inflation, that is highest price since February 1980, which closed at a price of $2,629.96 (source: Exchange Rates).
- Time to Trade - The average daily trading volume in April 2024 was $1.94 trillion, a 69.1% year-over-year increase from April 2023. The U.S. government bond average daily volume was up 70.7% year-over-year to $205.3 billion, while the mortgage average daily volume jumped 34.8% year-over-year to $206.1 billion (source: Yahoo Finance).
- The Latest Losers - Globe Life Inc, an insurance company, was the S&P 500’s worst performer in April 2024, with a price return of -34.5%. Intel Corp, a computer processor manufacturer, was not far behind with a -31.0% price return for the month (source: Y Charts).
- Taking the Cake - Newmont Corp, a metals and mining company, took the top spot on the S&P 500 in April 2024 with a price return of 13.4%. GE Vernova Inc, an electrical equipment company, was in close second, returning 12.4% (source: Y Charts).
- Call the Doctor - Steward Health Care Systems LLC, a Massachusetts-based company with more than 30 community hospitals and more than 30,000 employees, filed for Chapter 11 bankruptcy on May 6th, 2024, citing insufficient government reimbursements. A rescue loan with Medical Properties Trust Inc., a healthcare-focused real estate trust, is in the works (source: Yahoo Finance).
- Still There? - The Magnificent 7 still dominates the S&P 500 gains, accounting for 51% of the year-to-date index return. Year-to-date, NVIDIA is up 74.5%, helping offset the 11.5% decline in Apple and 26.2% decline in Tesla (source: S&P Global).
- The Comeback Kids - The Philadelphia Phillies secured a 9th-inning win against the Los Angeles Angels on April 30, 2024. This win marks the team’s 19th win in April 2024, setting a new team record (source: FanNation).
- The Queen of Pop Strikes Again - Madonna set a new record for having the largest audience in a standalone concert, with 1.6 million people in attendance in Brazil. This breaks the previous 1.5 million people record held by the Rolling Stones in 2006 (source: UPI).
This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation regarding any specific product or security. Past performance is not indicative of future results. You cannot invest directly in an index. All references to tax or legal matters are provided for informational purposes only. You should consult your legal or tax professional regarding your specific situation. All investing is subject to risk, including possible loss of principal.
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