As stocks rallied on Monday, the commodity market saw a new high with gold reaching $2,549.90. This surge marked an 8 out of 9 session increase. Gold itself has seen a rise of 4.5% in the past nine days, while silver has performed even better with an 8.4% increase during the same period. The VanEck Gold Miners ETF (GDX) has also shown positive movement, going up by 6.3% in a week and a significant 10% in the past nine days.
The Dollar Index hit its lowest level since Jan. 5 on Monday morning, indicating a weakening dollar trend. A weaker dollar can have positive implications for U.S. exporters as their products become more affordable for overseas buyers. One example of this is Procter & Gamble, whose stock has gone up by nearly 5% in August. In contrast, the S&P 500 has seen a more moderate increase of about 1.5% in the same time frame.
Home improvement giants like Lowe’s and Home Depot have experienced mixed performance in the past few months. Lowe’s has managed to go up by 5% in the past three months and a significant 11% in a year. On the other hand, Home Depot has seen a 5% increase in three months, an 11% rise in the past year, and is currently 8.5% away from the March high. In comparison, luxury home furnishings company RH has struggled, being 30% down from the September high and facing a 23% decrease in share value over the past year.
Amer Sports, known for brands like Salomon, Atomic, Wilson, and Louisville Slugger, has faced challenges with a 24% decrease in the past three months. However, the stock has shown a recent recovery by going up 12% in just a month. Dick’s Sporting Goods is currently 3% below its June high, but has seen a positive trend with a 16.5% increase in three months. Academy Sports and Outdoors, on the other hand, is 27% below the 52-week high from March, yet has managed to gain 3% in the past three months.
The federal government is expected to make a decision regarding the merger between Hawaiian Airlines and Alaska Airlines, affecting the airline industry. Since December 3, Alaska Air has faced a 12% decrease, while Hawaiian Airlines has seen an impressive 225% increase. The NYSE Arca Airline Index has collectively gone down by 11% during this period. SkyWest Airlines has stood out as a leader in the index, with shares rising by 53% since December 3.
Texas Instruments will hold a “capital management call,” which will be closely monitored by investors. Of particular interest will be any hints regarding Elliott Management’s strategy. Texas Instruments has remained relatively flat since news broke in May about Elliott taking a stake. Nonetheless, the stock has increased by nearly 18% so far this year. Texas Instruments is an essential component of the VanEck Semiconductor ETF (SMH), which has seen an impressive 43.7% increase year to date.
On the positive side, Berkshire Hathaway B shares reached a new high on Monday with a 26% increase in 2024. The shares have further gone up by 4.3% in just a week, showcasing strong performance in a challenging market environment.