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There isn't a compelling reason to choose between large-cap value and growth stocks in 2024 as high levels of uncertainties still linger, says DataTrek Research.
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U.S. stocks closed higher Friday, with the Dow Jones Industrial Average scoring its longest weekly winning streak since February 2019, as investors digested the latest job report.
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Treasurys sold off aggressively after Friday's nonfarm-payrolls report for November, pushing yields higher on everything from the 1-month bill to the 30-year bond. The rise in yields was led by 2- through 3-year rates, with the former jumping 12 basis points to 4.698%. Meanwhile, fed-funds futures traders pulled back on the likelihood of a Federal Reserve rate cut by March and now see a 47.5% chance of such a scenario unfolding — down from 64.5% a day ago, according to the CME FedWatch tool.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Johnson Outdoors Inc.'s stock JOUT tumbled 19% early Friday, after the maker of outdoor recreation equipment and technology posted a bigger-than-expected fiscal fourth-quarter loss and sales that missed estimates. "The end of the elevated pandemic-driven demand of the past few years, combined with higher inventory levels at retail, resulted in lower sales and profits for our 2023 fiscal year. Our fiscal fourth quarter was particularly impacted by significantly slower demand," CEO Helen Johnson-Leipold said in a statement. The Racine, Wisconsin-based company posted a net loss of $16 million, or $1.56 a share, for the quarter to Sept. 29, after income of $9.7 million, or 95 cents a share, in the year-earlier period. Sales fell to $96.3 million from $196.4 million a year ago. The FactSet consensus was for a loss of 32 cents a share and sales of $121.0 million. "Heading into fiscal 2024, we are working hard to outperform the challenging marketplace and improving our profitability profile," said Johnson-Leipold. The stock has fallen 18% in the year through Thursday's close, while the S&P 500 SPX has gained 19.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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