Market Recap (9/15/24)

Written By Jayden Kahn

Market Recap of the Week of Sep 9, 2024 - Sep 13, 2024

Source: Apple Stocks Application

Overall Market Trends:

After a tumultuous week prior, stocks rebounded last week with all four major indices posting large gains. The New York Stock Exchange rose 455 points (+2.44%), the S&P 500 increased 216 points (+4.00%), the NASDAQ surged an astounding 993 points (+5.95%), and the Dow Jones climbed 1,040 points (+2.58%). 

Stocks soared on Monday as investors bought the dip following the worst week in Wall Street in roughly 2 years. With the Federal Reserve set to meet later this month, investors hope that a rate cut will help ease concerns about the slowing economy.

Markets continued to edge higher during Tuesday’s trading session as investors continue to try to shake off the sluggish start to September.

Markets opened down significantly on Wednesday as the Core Consumer Price Index (CPI) rose more than expected. These results began to raise concern amongst investors about a rate cut during the September meeting. What was once a 100% chance in futures just a week ago, is not priced in at an 85% chance that there will be a rate cut in the upcoming Fed policy meeting. This news caused indices to be down as much as 2% within the first hour of market trading. However, as the day progressed, markets trended back up, finishing the day positive with mega-cap tech and semiconductors leading the way: Nvidia climbed 8% and the VanEck Semiconductor ETF (SMH) increased about 5%.

Stocks continued their rally into Thursday’s and Friday’s trading session as investors continued to buy into the dip, despite the Core PPI (Producer Price Index) rising more than expected. Thursday marked the fourth-straight winning day for indices.

Past Earnings Report:

Looking Towards the Future

Upcoming Important Economic Events:

  • Monday: Empire State manufacturing survey

  • Wednesday: FOMC interest-rate decision; Fed Chair Powell press conference

  • Thursday: Initial jobless claims; Philadelphia Fed manufacturing survey

Future Earnings Reports:

Jayden Kahn
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