Market Recap (9/1/24)
Market Recap of the Week of Aug 26, 2024 - Aug 30, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, the stock market faced mixed results with two indices finishing positive and two finishing negative. The New York Stock Exchange Composite rose 155 points (+0.81%) and the Dow Jones Industrial Average climbed 253 points (+0.61%). On the other hand, the S&P 500 fell 2 points (-0.03%), and the NASDAQ Composite lost 189 points (-1.05%). Nvidia's earnings report largely dictated the market’s results throughout the week.
On Monday, the technology-driven indices - the S&P 500 and NASDAQ Composite - fell while the Dow Jones and NYSE finished the day positive. The energy sector of the S&P 500 was up 1% while the technology sector was down 1%, proving investors were anxious about Nvidia’s earnings report set to be released Wednesday.
This trend of wait-and-see persisted throughout the first half of the week. Markets crept up on Tuesday with all major indices advancing just over 0.1% as Nvidia rose 1.5% on the day. However, indices fell on Wednesday as Nvidia’s earnings were set to release after market close.
During Thursday’s trading session, different sectors faced different results causing the Dow to rise but the NASDAQ and S&P 500 to fall. While the tech giant, Nvidia, posted strong earnings on the top and bottom lines, it fell 6.4%. This was due to growth concerns. While Nvidia beat its expectations on revenue, the margin in which it did so was less than investors were hoping for. Additionally, the guidance indicated that the rate of growth was set to decrease in the upcoming quarters. Thursday’s report of jobless claims fell from the prior week continuing to ease recession fears.
Stocks rose on Friday as the Personal Consumption Expenditures (PCE) rose 0.2%, in line with expectations.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Markets closed for Labor Day Holiday
Tuesday: S&P final U.S. manufacturing PMI; ISM manufacturing
Wednesday: Fed Beige Book
Thursday: Initial jobless claims; S&P final U.S. services PMI; ISM Services
Future Earnings Reports: