On August 8, 2024, the New York Stock Exchange (NYSE) floor saw traders regaining some ground after a tough week. Stock futures edged higher Thursday night, with Dow Jones futures up by 9 points. S&P 500 and Nasdaq 100 futures rose 0.1% and 0.2%, respectively. Paramount Global jumped over 5% in after-hours trading due to strong earnings and a 15% cut in its U.S. workforce, whereas E.l.f. Beauty fell 10.5% following cautious guidance.
Earlier in the day, stocks rebounded strongly. The S&P 500 climbed 2.3%, its best single session since November 2022; the Dow soared 683 points, or nearly 1.8%; and the Nasdaq Composite surged 2.87%. These gains came after reassuring jobless claims data alleviated concerns about the U.S. labor market and overall economy.
This rebound followed a steep global sell-off triggered by disappointing U.S. payroll data released last Friday, along with worries about the Federal Reserve’s rate-cut timeline and the unwinding of Japanese yen carry trades. Investors, viewing the dip as a healthy correction, bought back into the market.
Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, stated that the fundamental backdrop for stocks remains favorable, especially for long-term investors, despite short-term volatility and seasonality trends.
However, despite Thursday’s rally, major indexes are down for the week. The S&P 500 has declined 0.5%, and both the Nasdaq and the Dow have dropped around 0.7%, with the S&P 500 and Nasdaq potentially marking their fourth consecutive losing week.
The market remains volatile, with broad-market valuations elevated and expectations for tempered returns during the summer months.
Original Story https://www.cnbc.com/2024/08/08/stock-market-today-live-updates.html
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