The US markets ended higher on Tuesday with Nasdaq settling gain of over 245 points as several counters across various sectors continued to attract strong buying amid expectations of strong earnings from technology majors. Several technology heavyweights such as Microsoft, Alphabet, Meta Platforms are scheduled to announce their quarterly earnings this week. Other big names including Boeing, Intel, American Airlines, Chevron and Exxon Mobil are also slated to report their quarterly earnings during the course of this week. On the economic data front, the S&P Global US Composite PMI declined to 50.9 in April from 52.1 in the previous month, signaling only a slight expansion in the country's private sector, which was the softest since December, a preliminary estimate showed.
The S&P Global Flash US Manufacturing PMI fell to a four-month low of 49.9 in April 2024, from 52.0 in March. The reading was expected to come in at 52.0. The S&P Global US Services PMI dropped to a five-month low of 50.9 in April. A report released by the Commerce Department showed new home sales spiked by 8.8 percent to an annual rate of 693,000 in March after plunging by 5.1 percent to a revised rate of 637,000 in February. Street had expected new home sales to rise to an annual rate of 668,000 from the 662,000 originally reported for the previous month. Building permits fell by 3.7 percent to a seasonally adjusted annual rate of 1.467 million in March 2024, revised from a preliminary estimate of 1.458 million. This follows a 2.3 percent increase in February.
Dow Jones Industrial Average rose 263.71 points or 0.69 percent to 38,503.69, Nasdaq gained 245.34 points or 1.59 percent to 15,696.64 and S&P 500 was up by 59.95 points or 1.2 percent to 5,070.55.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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