FINANCIAL STOCK MARKET  WEEK Market Week: August 19, 2024 

"Wall Street rebounded after a rough start to the month,"  by Wendy Nelson 

The Markets (as of market close August 16, 2024)

Wall Street rebounded after a rough start to the month, to close out its best week of the year.  Investors saw a lot of economic data that did little to change the expectations of an interest rate reduction in September.  Last week's gains ended four straight weeks of losses, fueled by concerns that the Federal Reserve hadn't lowered interest rates soon enough to prevent a major economic slowdown.  However, favorable inflation data, robust retail sales, and fewer unemployment claims reassured investors' confidence, leading to a market rally.  Each of the benchmark indexes listed here closed the week higher.  All 11 of the S&P 500 market sectors gained ground, with information technology climbing more than 8.0%.  Ten-year Treasury yields dipped lower as bond values advanced.  Crude oil prices inched lower.  The dollar declined, while gold prices increased.

Last Monday stocks closed generally lower as investors awaited upcoming inflation data later in the week.  The Nasdaq edged up 0.2% and the S&P 500 closed flat.  The remaining benchmark indexes listed here closed in the red, led by the Russell 2000, which lost 0.9%, followed by the Dow (-0.4%) and the Global Dow (-0.1%).  Information technology, energy, and utilities posted gains, while real estate and communication services fell the furthest.  Ten-year Treasury yields opened the week at 3.90%.  Crude oil prices rose 3.6% to settle at $79.62 per barrel.  The dollar was muted, while gold prices rose 1.6%.

Wall Street closed higher last Tuesday as investors assessed a lower-than-expected Producer Price Index (see below).  Tech shares led the market uptick, helping to drive the Nasdaq (2.4%) higher.  The remaining benchmarks listed here also posted solid gains.  The S&P 500 rose 1.7%, followed by the Russell 2000 (1.6%), the Global Dow (1.3%), and the Dow (1.0%).  Ten-year Treasury yields dipped 5.7 basis points to 3.85%.  Crude oil prices ended a mini rally, falling to $78.49 per barrel.  The dollar fell 0.5%, while gold prices ticked up 0.1%.

Investors were encouraged by the latest Consumer Price Index (see below), which matched expectations for July, but unexpectedly declined to 2.9% for the 12 months ended in July, the lowest 12-month rate since March 2021.  The favorable inflation data helped push stocks generally higher last Wednesday.  The Global Dow and the Dow led the benchmarks, each gaining 0.6%, followed by the S&P 500, which climbed 0.4%.  The Nasdaq eked out a minimal gain of less than 0.1%, while the Russell 2000 fell 0.5%.  Crude oil prices continued to trend lower, ending the sessionn at $77.09 per barrel after OPEC+ cut its 2024 demand forecast.  Yields on 10-year Treasuries fell to 3.82%.  The dollar edged up 0.1%, while gold prices fell 0.9%.

Last Thursday saw the release of another round of favorable economic data.  Retail sales advanced (see below), while unemployment claims declined, bolstering investor confidence in the economy.  Each of the benchmark indexes listed here posted solid gains, led by the Russell 2000, which advanced 2.5%.  The Nasdaq rose 2.3%, followed by the S&P 500 (1.6%), the Dow (1.4%), and the Global Dow (0.9%).  Bond prices fell as stock values rose.  Ten-year Treasury yields climbed over 10.0 basis points, settling at 3.92%.  Crude oil prices rose 1.3% to $77.96 per barrel.  The dollar gained 0.4% and gold prices rose 0.5%.

Stocks pushed higher last Friday, with each index listed here posting gains.  The Global Dow advanced 1.0% and the Russell 2000 rose 0.3%, while the Dow, the S&P 500, and the Nasdaq each gained about 0.2%.  Ten-year Treasury yields slipped to 3.89%.  The dollar and crude oil prices declined 0.5% and 1.8%, respectively.  Gold prices rose 2.2%.

• 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.