Market Recap (9/29/24)

Written By Jayden Kahn

Market Recap of the Week of Sep 23, 2024 - Sep 27 2024

Source: Apple Stocks Application

Overall Market Trends:

Last week, stocks continued to rise steadily with all four major indices posting weekly gains. The New York Stock Exchange Composite rose 132 points (+0.68%), the S&P 500 climbed 36 points (+0.63%), the NASDAQ Composite ascended 169 points (+0.94%), and the Dow Jones Industrial Average increased by 254 points (+0.60%). 

Stocks rallied during Monday’s trading session as investors continued to build on the results of last week’s Federal Reserve policy decision.

Stocks continued to trend up on Tuesday despite a poor consumer confidence reading. Consumer Confidence experienced the largest decline month-over-month in nearly three years as it came in at 98.7, far lower than the 104 polled by economists for September. However, this news did not affect the market much as chip-maker powerhouse Nvidia rose 4%, pulling indices up.

Stocks declined during Wednesday’s trading session due to the absence of any major catalyst

A positive weekly jobless claims report on Thursday eased concerns that the Fed was cutting rates too aggressively. The jobless claims report fell more than estimated, supporting a solid labor market and causing stocks to rise.

Friday featured an in-line Personal Consumption Expenditures (PCE)  report and a lower-than-expected Core PCE. These results continued to support the ongoing rally over the past few weeks.

China Stimulus Package:

After experiencing deflation for roughly a year, China announced on Tuesday one of the biggest stimulus packages since the pandemic to help boost its economy. This package was far broader than expected, causing Chinese stocks to skyrocket throughout the week. iShares MSCI China ETF (NASDAQ: MCHI) rose roughly 18% by the end of the week.

Past Earnings Report:

Micron Technology (NASDAQ: MU) rose nearly 15% by the end of Thursday’s session due to strong guidance for upcoming quarters.

Looking Towards the Future

Upcoming Important Economic Events:

  • Monday: Chicago Business Barometer (PMI)

  • Tuesday: S&P final U.S. manufacturing PMI; ISM manufacturing; Job openings

  • Wednesday: ADP employment

  • Thursday: Initial jobless claims; S&P final U.S. services PMI; ISM services

  • Friday: U.S. nonfarm payroll; U.S. unemployment

Future Earnings Reports:

Jayden Kahn
Previous

Market Recap (10/6/24)
Next

Market Recap (9/22/24)