Market Recap (9/8/24)

Written By Jayden Kahn

Market Recap of the Week of Sep 3, 2024 - Sep 6, 2024

Source: Apple Stocks Application

Overall Market Trends:

Last week, which was shorted due to Labor Day on Monday, was one of the worst weeks the stock market has faced this year with all four major indices falling significantly. The New York Stock Exchange Composite fell 625 points (-3.29%), the S&P 500 dropped 239 points (-4.22%), the NASDAQ Composite plummeted 1,026 points (-5.79%), and the Dow Jones Industrial Average posted weekly losses of 1,203 points (-2.89%). This was largely due to negative economic data surfacing causing investors to question if a recession is still in play.

Stocks fell on Tuesday as two new economic data reports for manufacturing came in lower than expected. The S&P Global’s US manufacturing PMI displayed a drop from July to August and the ISM manufacturing report also came in under the expectations. This data signals a potentially slowing economy reigniting fears of a recession. Chipmaker stocks also fell largely with Nvidia leading the group down 9%. The VanEck Semiconductor ETF (SMH) was down 7% on the day as well.

Wednesday’s trading session was relatively stable with indices falling slightly on the day. Nvidia fell 1.7% as a report stated that they were hit with a subpoena from the U.S. Justice Department, while other tech stocks began to recoup from the prior day’s losses.

Stocks continued the decline into Thursday’s trading session as more questionable labor market data was released. The private payrolls data presented the weakest growth since 2021, exacerbating fears of a slowing labor market. However, jobless claims came in lower than expected sending mixed signals to investors. 

This trend persisted as stocks fell significantly on Friday as investors assessed all of the data released throughout the week at large, marking the worst week in the stock market since 2022. Amazon, Meta, Alphabet, and Nvidia all fell over 3% while the VanEck Semiconductor ETF (SMH) dropped over 4%.

Past Earnings Report:

Looking Towards the Future

Upcoming Important Economic Events:

  • Monday: Wholesale Inventories

  • Tuesday: NFIB optimism index

  • Wednesday: Consumer price index (CPI); Core CPI

  • Thursday: Initial jobless claims; Producer price index (PPI); Core PPI

  • Friday: Import price index; Consumer sentiment (prelim)

Future Earnings Reports:

Jayden Kahn
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