Market Recap (8/18/24)
Market Recap of the Week of Aug 12, 2024 - Aug 16, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the stock market continued its rebound, consistently rising throughout the week. The New York Stock Exchange Composite (NYSE) rose 471 points (+2.58%), the S&P 500 rose 196 points (+3.66%), the NASDAQ Composite rose 810 points (+4.82%), and the Dow Jones Industrial Average rose 1,177 points (+2.98%). These results were largely swayed due to positive economic reports suggesting that the Fed was in fact not too late to cut rates, easing anxiety throughout the market.
The stock market stayed relatively stable throughout Monday’s trading session as investors awaited the Producer Price Index (PPI) results, a key inflation gauge, set to release the next day.
Stocks surged on Tuesday as the PPI came in lower than expected, suggesting that inflation is continuing to lower as investors await a rate cut from the Fed. The reading showed that the PPI rose 0.1% as opposed to the 0.2% gain expected.
Markets rose steadily on Wednesday as the Consumer Price Index (CPI) was in line with expectations, rising 0.2% this past month. The past two economic reports suggest that a rate cut is likely to come in the September Federal Reserve Policy meeting, although anything is possible.
Stocks continued to surge during Thursday’s trading session as sentiment from the PPI and CPI carried into Thursday. Additionally, new economic data including the initial jobless claims report caused investors to regain confidence in the market.
Similarly, markets rose steadily on Friday.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Wednesday: Minutes of Fed's July FOMC meeting
Thursday: Initial jobless claims; S&P flash U.S. services PMI; S&P flash U.S. manufacturing PMI
Friday: Fed Chair Jerome Powell speech at Jackson Hole retreat
Future Earnings Reports: