Chart of the Day - Friday, January 5, 2024

Today’s Chart of the Day was shared by Jeremy Schwartz (@JeremyDSchwartz). Stocks had their first negative week in over two months to start the new year. Despite stumbling this week, the S&P 500 remains just 2% below record highs. If a new bull market truly began last year, then it would make sense to see the riskier areas of the market play catch-up this year. Jeremy points out that the Russell 2000 is still down 20% from its highs, while Emerging Markets are down 30%. The Magnificent 7 kicked off the bull market, and strength began to trickle down the risk spectrum in Q4. However, there's still plenty of room for improvement and potential upside from these riskier areas of the market.