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Fab February and Pharma Fever

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Behind The NumbersMarch 11, 2024
  1. A Fab February – The S&P 500 closed February 2024 out at 5,095.88, a 5.2% increase from January 2024. February 2024 was the best performing February for the S&P 500 since 2015 (source: Yahoo!Finance)
  2. Staying Social – The number of social media users in the United States increased to 314.76 million in 2023. This follows 308.39 million in 2022, 301.64 million in 2021, and 292.51 million in 2020 (source: Statista).
  3. Pharma Fever – Biopharmaceutical companies had a strong February 2024, with Ocular Therapeutix up 125.5% and Immunome Inc rising 126.2% from January 2024 through February 2024. The healthcare sector saw a mere increase of 0.3% in 2023 (source: U.S. News).
  4. A Contractor’s Dream – Lumber prices have finally fallen according to the Madison’s Lumber Prices Index. December 15, 2023 assigned a price of $446 per thousand board feet, which marks a 5% increase from 2022, but a 55% decrease since 2021 (source: Madison’s Lumber Reporter).
  5. Count Me In – Coinbase Global rallied 54.5% in February 2024, contributing to a 14.6% share price increase from February 2023 to February 2024 (source: Morningstar).
  6. Swipe the Card – 47% of credit card holders carry debt from month to month, up from 39% in 2021. Consumer credit card debt was at $1.13 trillion at the end of December 2023 (source: Forbes).
  7. Snap Out of It – SNAP, a camera technology company, sustained a 31.3% price drop in February 2024, creating a 35.6% decline in share price from the beginning of January 2024 through the end of February 2024 (source: Morningstar).
  8. Closing Classroom Doors – The number of teachers leaving their positions slowed down in 2023, with 692,000 noted resignations. This follows 713,000 resignations in 2022, 613,000 in 2021, and 493,000 in 2020 (source: Statista).
  9. Calming Down – Four environmental incidents were noted for February 2024, which include wildfires in Chile, an oil spill in Trinidad, flooding in Ecuador, and a Guatemala wildfire. February 2023 contained nine environmental events (source: NASA).
  10. Roll Call – Eight NFL head coaches were fired following the end of the 2023 season, including Bill Belichick, Pete Carroll, Mike Vrabel, Ron Rivera, Arthur Smith, Josh McDaniels, Frank Reich, and Brandon Staley. Only five head coaches were fired after the 2022 season (source: Sports Boston).

*Definitions and Indexes

This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation regarding any specific product or security. Past performance is not indicative of future results. You cannot invest directly in an index. All references to tax or legal matters are provided for informational purposes only. You should consult your legal or tax professional regarding your specific situation. All investing is subject to risk, including possible loss of principal.

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