Stock Market Update Thursday September 5, 2024 Stocks failed to sustain early gains but found support at mid-day lows, leaving the S&P 500 slightly weaker ahead of tomorrow’s pivotal August payrolls report. The S&P 500 declined 0.3%, marking its third consecutive session in negative territory. Meanwhile, the Nasdaq gained 0.25%, while the Russell 2000 lagged, falling 0.69%. This came amid mixed labor market data, with weak private payroll growth but a decline in unemployment claims. Consumer Discretionary led all sectors, driven by a nearly 5% gain in Tesla. In contrast, Health Care, Industrials, and Financials were the worst performers, each falling 1% or more.
Away From Stocks: Treasury's extended their impressive rally, with the 2-year and 30-year yields closing at 3.75% and 4.02%, respectively, down 1 and 4 basis points. WTI crude held steady at $69 per barrel, gold surged to $2,516 per ounce, bitcoin dipped to $56,100, and the VIX retreated below 20, reflecting diminished volatility expectations.
Selling pressure in U.S. equities during this shortened post-holiday week seems to be shaking investor confidence, despite the lack of any significant market decline. Tomorrow, September 6th, the August jobs report will be released at 8:30 AM ET, kicking off the first of three key macroeconomic events this month, with CPI data next week and the FOMC meeting following shortly after. We will have more analysis for you early next week.
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