Traders were active on the floor of the New York Stock Exchange on August 8, 2024. Stock futures showed little movement on Monday following a remarkable week for the S&P 500, which posted its best weekly performance of 2024. Futures for the Dow Jones Industrial Average dipped 7 points, maintaining near-flat levels, while S&P 500 and Nasdaq 100 futures similarly hovered close to their flatline.
The market’s recent upturn comes after a volatile period; the S&P 500 surged 3.9% last week, marking its most significant gain since 2023. Meanwhile, the Nasdaq Composite and Dow Jones Industrial Average rose by 5.2% and 2.9%, respectively.
Liz Young Thomas from SoFi highlighted on CNBC that this rally resembles previous recoveries where funds were reinvested back into the markets. She emphasized that the market needed positive news to recover from the prior week’s downturn, which materialized through robust retail sales, favorable initial jobless claims figures, and strong earnings reports from Walmart.
Early August faced market turbulence sparked by disappointing economic data, heightening recession fears and concerns that the Federal Reserve was lagging in rate cuts. This anxiety triggered a global sell-off, with the S&P 500 experiencing its worst day since 2022 on August 5.
However, markets appeared to calm down last week, buoyed by data suggesting the economy might achieve a soft landing. Notably, July’s consumer price index revealed a 12-month inflation rate of 2.9%, its lowest in over three years.
Looking ahead, Wall Street is keenly anticipating Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole, Wyoming, on Friday, seeking insights into the future of interest rate cuts. Additionally, minutes from the Fed’s latest meeting are set for release on Wednesday. The Democratic National Convention also commences on Monday, drawing further attention.
By Brendan McDermid | Reuters
Original Story https://www.cnbc.com/2024/08/18/stock-market-today-live-updates.html
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