Market Recap (10/6/24)
Market Recap of the Week of Sep 30, 2024 - Oct 4, 2024
Source: Apple Stocks Application
Overall Market Trends:
Indices finished last week relatively even, with stocks falling at the beginning of the week and rebounding towards the end. The New York Stock Exchange rose 37 points (+0.19%), the S&P 500 climbed 14 points (+0.24%), the NASDAQ Composite posted weekly gains of 19 points (+0.11%), and the Dow Jones increased 47 points (+0.11%) by the end of the week. These results come after statements from Federal Reserve Chairman Jerome Powell and heightened tension in the Middle East.
Stocks fell early Monday, and comments from Fed Chair Jerome Powell raised some concerns. Powell suggested that the Central Bank is in no rush to decrease rates and does not currently have a predetermined path. He added that if economic data goes according to plan, investors could be looking at 2 quarter-point rate cuts this year. However, stocks rallied as the trading day came to an end erasing earlier losses.
Stocks fell Tuesday as geopolitical conflicts in the Middle East began to intensify. With Iran firing hundreds of missiles into Israel, crude oil futures as well as the CBOE Volatility Index spiked. This conflict continued to impact investors during Wednesday and Thursday’s trading session as it caused investors to begin shying away from riskier investments. Crude oil futures continued to fall on Wednesday and Thursday.
Stocks soared on Friday as a nonfarm payroll report showed that the economy added 254,000 jobs last week, far greater than the 150,000 estimated.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Consumer credit
Tuesday: NFIB optimism index
Wednesday: Minutes of Fed's September FOMC meeting
Thursday: Consumer price index (CPI); Core CPI
Friday: Producer price index (PPI); Core PPI
Future Earnings Reports: