DM Monthly Report – Feb 2024

STOCKS MAKE NEW HIGHS, CASH BUILD CONTINUES – In our final quarterly report for 2023, we noted that alongside the equity market’s prodigious rally, balances in short-term vehicles had swollen to unprecedented levels. In the first two weeks of 2024, $182 billion channeled into US money-market funds, surpassing the previous record inflow for that period by over 50%, and the S&P 500 continued its winning ways, with a January gain of 1.5%, lifting the index to an all time high.

FEATURE STOCK – Netflix (NFLX) – For the Q4-23 reporting season, earnings posted by the “Magnificent 7” group of stocks ranged from solid to spectacular, helping to propel the S&P 500 to new heights and confirming that, for the most part, these companies are generating the growth to support their valuations.

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