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Market Moves You Need to See
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Bulls Still Galloping but in the Old Economy Stocks

This is Tracey Ryniec, Senior Stock Strategist and Editor of the Insider Trader and Value Investor portfolios, filling in for Kevin for another day.

Yesterday, stocks took a break ahead of today's inflation data. The small caps, which had rallied to start the week, could not make it three days in a row, with the Russell 2000 falling 0.8%.

But the bulls have been galloping this week, nevertheless. One of the hottest areas has been in cryptocurrencies. Bitcoin rallied close to its all-time highs yesterday and this also boosted the cryptocurrency related stocks. Microstrategy, which owns some bitcoin, gained 10.5% yesterday to hit new 52-week highs. Shares were up 237% in the last year as of yesterday's close.

Marathon Digital Holdings, which reported earnings after the bell yesterday, also hit new 52-week highs yesterday. The shares have been on fire over the last year, as bitcoin has rallied, gaining 336% as of yesterday's close.

Don't Forget the Old Economy

Even with all of the focus on AI, datacenters and cryptocurrencies, the old economy is having its own party in 2024 as well. Berkshire Hathaway hit new all-time highs to start the week. Sherwin Williams, the paint company, made new 52-week highs yesterday and Fastenal, which is a barometer for manufacturing, hit new all-time highs yesterday as well.

Let's not leave out construction. With all the building in datacenters, plus EV and chip plants and the infrastructure spending on railroads, broadband and bridges, the construction stocks have been on fire too. United Rentals hit another new all-time high yesterday.

What tech bubble? Let's put that to bed. NVIDIA and the datacenter stocks have cooled since last week's big rally, with the old economy stocks clearly picking up the slack.

The inflation data is moving the markets today, as it will continue to do until the Fed is done with this rate tightening cycle. But the animal spirits are flowing through the U.S. economy once again. You can see it in bitcoin and in the old economy stocks.

The confidence is returning and that's a good thing for the entire stock market as we head into March.

It's been a pleasure this week. Kevin returns tomorrow.


Tracey Ryniec

Stock Strategist at Zacks Investment Research , Zacks Investment Research


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