Traders were active on the New York Stock Exchange floor during afternoon trading on August 2, 2024, amidst an eventful period for U.S. markets, captured by Michael M. Santiago for Getty Images. Following a turbulent week on Wall Street, U.S. stock futures dipped on Sunday night. The Nasdaq Composite entered correction territory, causing Dow Jones Industrial Average futures to fall by 260 points, or 0.65%. S&P 500 futures and Nasdaq-100 futures slipped by 1% and 1.6%, respectively.
Major market indices suffered last week, with the Nasdaq recording its third consecutive week of losses, plummeting over 10% from its peak last month. The S&P 500 experienced a similar fate with a 2% fall, marking its third straight week in the red. Even the Dow Jones Industrial Average, which had previously shown resilience, ended a four-week winning streak by declining 2%.
Additionally, Treasury yields saw significant declines. The benchmark 10-year note yielded 3.79% on Friday, down from the previous week’s 4.20%. Market anxiety was heightened by a lackluster jobs report, inciting fears that the Federal Reserve’s decision to maintain interest rates unchanged could be a misstep, potentially leading the economy toward a recession.
Investors are now bracing to see if the downward trend continues. The S&P 500 is currently 5.7% below its all-time high, while the Dow is down by 3.9%. Keith Lerner, co-chief investment officer at Truist Wealth, suggested the market is in a corrective phase but the overall bull market trend remains intact, as he voiced during CNBC’s “Closing Bell” on Friday.
Market attention will also be on Apple as trading resumes Monday, following Berkshire Hathaway’s reduction of nearly half its stake in the tech giant. Economic indicators due Monday include the July ISM Services PMI, anticipated to rise to 50.9 from 48.8, offering potential clues on the Federal Reserve’s future interest rate decisions. San Francisco Fed President Mary Daly’s speech at the Hawaii Executive Collaborative on Monday evening will also be closely monitored.
Original Story https://www.cnbc.com/2024/08/04/stock-market-today-live-updates.html
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