FINANCIAL STOCK MARKET  WEEK Market Week: August 12, 2024 

"Market volatility continued last week as stocks tumbled,"  by Wendy Nelson 

The Markets (as of market close August 9, 2024)

Market volatility continued last week as stocks tumbled Monday and Wednesday, only to rebound at the end of last week, but not enough to avoid closing in the red for the second week in a row.  Each of the benchmark indexes listed here lost value, with the small caps of the Russell 2000 falling the furthest.  Despite the recent downturn, the indexes remain ahead year to date.  Among the market sectors, only industrials and communication services closed higher, while materials and utilities shed the most value.  Crude oil prices ended a losing streak, gaining nearly 4.0% last week.  The dollar was flat, while gold prices slipped lower.  Bond prices fluctuated throughout the week, ultimately settling lower, which drove yields higher.

The stock sell-off continued last Monday on increasing worries over a U.S. economic slowdown.  Markets worldwide took a hit as investors feared that weak economic data and mediocre corporate earnings could be signs of a recession.  The S&P 500 (-3.0%) and the Dow (-2.6%) had their worst day in over two years.  The Nasdaq (-3.4%) endured its worst start to a month since 2008.  The Global Dow (-3.4%) and the Russell 2000 (-3.3%) also slid lower.  Ten-year Treasury yields headed to their lowest levels in a year after settling at 3.78%.  Crude oil prices closed at $72.94 per barrel.  The dollar slid 0.4%, while gold prices fell 0.8%.

The markets moved higher last Tuesday as investors took advantage of equities that had fallen in value.  The Russell 2000 led the benchmark indexes, gaining 1.2%, followed by the Global Dow (1.1%), the Nasdaq (1.0%), and the Dow (0.8%).  Bond prices fell, driving yields higher, with 10-year Treasuries gaining 10.3 basis points to close at 3.88%.  Crude oil prices settled at $73.09 per barrel.  The dollar edged higher, while gold prices fell 0.6%.

Tuesday's market rebound proved to be short-lived as stocks trended lower by the close of trading last Wednesday.  The Russell 2000 lost about 1.4% and the Nasdaq fell 1.1%.  The S&P 500 declined 0.8% and the Dow dipped 0.6%.  The Global Dow rose 0.5%.  Ten-year Treasury yields marched toward 4.00%, ending the session just short at 3.96%.  Crude oil prices advanced nearly 3.0% to $75.37 per barrel.  The dollar gained 0.2%, while gold prices fell 0.2%.

In what turned into a roller coaster of a week, stocks jumped higher last Thursday, led by a 2.9% increase by the Nasdaq.  The Russell 2000 advanced 2.4%, the S&P 500 gained 2.3%, the Dow rose 1.8%, and the Global Dow increased 1.0%.  Weekly jobless claims unexpectedly fell 17,000 (see below), which brightened the mood of investors.  Yields on 10-year Treasuries settled at 3.99% after gaining 0.3 basis points.  Crude oil prices rose 1.1% to $76.04 per barrel.  The dollar was unchanged.  Gold prices gained 1.3%.

Large caps and tech shares rose higher, while small caps lagged to close out last week.  There was no economic data released last Friday, so investors could focus on inflation data set to be released this week.  The Global Dow led the indexes, gaining 0.6%, followed by the Nasdaq and the S&P 500, which both advanced 0.5%.  The Dow inched up 0.1%, while the Russell 2000 fell 0.2%.  The market sectors mostly advanced, with only industrials and materials falling lower.  Ten-year Treasury yields fell to 3.94% as bond prices climbed higher.  Crude oil prices advanced 1.0% to $76.97 per barrel.  Gold prices edged up 0.3%, while the dollar inched lower.

• STOCK MARKET INDEXES
• LAST WEEK'S ECONOMIC NEWS
• EYE ON THE WEEK AHEAD

Wendy Nelson, CEO of Wind River Wealth Advisors, aims to provide beneficial investment management, retirement planning, financial planning, asset management, and portfolio management to protect your money with knowledgeable strategies and plans by utilizing a personal independent financial advisor.