March 8, 2024, Weekly Stock Market Return Recap, by Kip Lytel CFA. All major US equity market indexes finished down on the week: The Nasdaq Composite tumbled 1.2% to finish the week, the S&P 500 lost 0.3% and the Dow Jones Industrial Average ended the week 0.9% lower. Of the 500 companies in the S&P 500, 74 companies have issued negative EPS guidance for Q1 2024, which is above the 5-year average of 58 and above the 10-year average of 62.
As shown below, 2024 has been marked by the S&P 500 reaching an all-time high (top chart), yet the percentage of stocks trading above their 200-day moving averages has been flat (bottom chart).