Market Recap (9/22/24)

Written By Jayden Kahn

Market Recap of the Week of Sep 16, 2024 - Sep 20, 2024

Source: Apple Stocks Application

Overall Market Trends:

Last week, stocks started off steady but rapidly progressed towards the end of the week. The New York Stock Exchange Composite rose 121 points (+0.63%), the S&P 500 posted weekly gains of 87 points (1.55%), the NASDAQ Composite soared 448 points (+2.56%), and the Dow Jones Industrial Average climbed 421 points (+1.01%). These results were largely impacted by the Fed’s policy meeting held on Tuesday and Wednesday.

Stocks slightly rose on Monday and Tuesday as investors awaited the Federal Open Market Committee (FOMC) meeting held on Tuesday and Wednesday.

Stocks fell on Wednesday despite the Fed decreasing rates by a staggering 50 basis points. While this did lead to a sharp increase immediately after the news was released, stocks were unable to maintain the rise, leading to indices finishing the day negative.

Stocks soared on Thursday as investors praised the Federal Reserve for cutting rates by 0.5%. A jobless claims report on Thursday noted that jobless claims had fallen by 12,000, far below expectations. This news supported the Fed’s soft-landing approach, leading to stocks skyrocketing. Nvidia, Meta, Alphabet, and AMD all rose nearly 4%. 

Stocks continued to rise during Friday’s trading session as investors continued to view the Fed’s approach as a positive catalyst.

Past Earnings Report:

FedEx released far worse-than-expected earnings reports on Friday and also decreased their fiscal output expectations for the upcoming year, causing the stock to plummet over 15%.

Looking Towards the Future

Upcoming Important Economic Events:

  • Monday: S&P flash U.S. services PMI; S&P flash U.S. manufacturing PMI

  • Tuesday: Federal Reserve Governor Michelle Bowman speaks; S&P Case-Shiller home price index (20 cities); Consumer confidence

  • Wednesday: Federal Reserve Governor Adriana Kugler speaks

  • Thursday: Initial jobless claims; GDP (second revision); Various Federal Reserve members speak

  • Friday: Personal Consumption Expenditures (PCE); Core PCE; Consumer sentiment (final)

Future Earnings Reports:

Jayden Kahn
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