Omega Trades Weekly Market Recap - 20 Jan 2024

S&P 500 Performance, Past Week

Here are the market events from this week you need to know:

Global Economic Update 

- The S&P 500 is up 1.61% this week, hitting an all time high (4,839.81 points)

- This is mainly a result of a rally in the chip market, which happened after the chip manufacturer "Super Micro Computers" announced an optimistic outlook for Q2 2024

- Stocks are also up after increased optimism about AI's role in tech 

- Investors are currently factoring in a 52% chance of rate cuts in March, down from 60% last week

- In foreign markets, Chinese markets continued to drop as a $6.3T stock selloff gets uglier

News Regarding Omega Trades Stock Picks

Tech  - The tech industry affects our stock pick securities such as SKYY (Cloud Computing ETF), and IBM (IBM). The tech sector performed great this week as a result of the chip rally discussed above, which shows the tech sector that the infrastructure needed for the development of AI is present.

International economies - Our long-term investment picks include both American and Chinese economic ETFs. ETFs tied to the U.S. are up this week due to the situation discussed above, and Chinese markets are down after a huge stock selloff is expected. We will be writing an article about this selloff and how it impacts our investors tomorrow. You can read it on our site.

Our stock picks will be sent on Sunday. 

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