Traders on the floor of the NYSE saw U.S. stock futures holding steady as the final trading session of September commenced, following three consecutive weeks of gains for major averages. Dow Jones Industrial Average futures hovered near the flatline, S&P 500 futures were unchanged, and Nasdaq 100 futures dipped slightly by 0.14%.
Friday ended on a high note with the 30-stock Dow gaining 0.3%, setting a new all-time high and closing the week with a 0.6% increase. The S&P 500 and Nasdaq Composite also saw weekly gains of 0.6% and nearly 1%, respectively. For September, the Dow and S&P 500 are up by 1.8% and 1.6%, while the tech-focused Nasdaq has risen by 2.3%.
Initially struggling in what is historically the stock market’s weakest month, markets rebounded as September progressed, partly due to the Federal Reserve’s significant half-point interest rate cut. So far this quarter, the S&P 500 has increased by 5.1%, pushing its year-to-date gains above 20%. However, October’s historical volatility raises concerns, given its past market downturns.
Economic data released last week was promising, with August’s personal consumption expenditures price index hitting a low of 2.2%, the lowest since February 2021. This sparked investor confidence in more rate cuts from the Fed. Additionally, initial jobless claims fell less than expected, indicating robust labor market conditions.
Scott Helfstein, head of investment strategy at Global X, stated, “The encouraging economic data reinforces the belief that prices are stabilizing, the consumer is healthy, companies are ready to capitalize on lower rates, and the economy remains strong. Expect risk assets to keep advancing despite geopolitical noise.”
This week, the market faces a significant test with September’s job report due on Friday. On the earnings front, Carnival is set to release its quarterly results on Monday morning.
Original Story https://www.cnbc.com/2024/09/29/stock-market-today-live-updates.html
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