FINANCIAL STOCK MARKET  WEEK Market Week: September 9, 2024 

"September has clearly gotten off to a rough start for Wall Street,"  by Wendy Nelson 

Market Week: September 9, 2024

The Markets (as of market close September 6, 2024)

September has clearly gotten off to a rough start for Wall Street.  Stocks plunged lower on fears of an economic decline and a waning labor market.  Investors feared that the Federal Reserve, which is now more likely to drop interest rates by at least 50.0 basis points when it meets in a few weeks, may be responding too late.  Tech stocks took a big hit with the NASDAQ falling nearly 6.0% last week and nearly 12.0% since July 10.  Consumer staples, real estate, and utilities were the only market sectors to gain last week.  Information technology declined 7.0%, posting the largest loss among the remaining sectors.  Crude oil prices have fallen to levels not seen since 2023.  Ten-year Treasuries saw their biggest weekly drop in five weeks, having fallen four straight days and seven of the last 10 days.

The day after Labor Day saw stocks close markedly lower, driven by a notable selloff in technology shares.  A major AI company, which had been surging for much of the year, saw its stock decline.  The NASDAQ fell 3.3%, the Russell 2000 declined 3.1%, the S&P 500 lost 2.1%, the Dow dropped 1.6%, and the Global Dow dipped 1.2%.  Ten-year Treasury yields closed at 3.84%, a decline of 6.7 basis points.  Crude oil prices settled at $70.34 per barrel.  The dollar inched up 0.1%, while gold prices dipped 0.2%.

Stocks continued their tailspin last Wednesday.  Investors concerned that the economy may be weakening were not encouraged by data that showed a decline in job openings in July (see below).  Energy shares led the decline, while tech stocks also underperformed.  Of the benchmark indexes listed here, only the Dow ticked up 0.1%.  The remaining indexes fell, led by the Global Dow (-0.4%), followed by the NASDAQ (-0.3%).  The Russell 2000 and the S&P 500 each lost 0.2%.  As investors moved away from stocks, bond prices rose, dragging yields lower.  The 10-year Treasury yield fell 7.6 basis points to 3.76%.  Crude oil prices fell below $70.00 per barrel after settling at $68.84 per barrel.  The dollar lost 0.5%, while gold prices were unchanged from the previous day.

Tech stocks rebounded somewhat last Thursday, but the remaining sectors continued to swoon.  The NASDAQ gained 0.3% to lead the benchmark indexes listed here.  The Russell 2000 fell 0.6%, the Dow declined 0.5%, the S&P 500 dipped 0.3%, and the Global Dow slid 0.2%.  Ten-year Treasury yields lost 3.7 basis points, settling at 3.73%.  Crude oil prices dipped 0.1% to $69.13 per barrel.  The dollar fell 0.3%, while gold prices rose 0.8%.

Stocks fell on Friday, dragged lower by worries over a slowdown in the labor market and a tech selloff.  The NASDAQ lost 2.6%, the Russell 2000 fell 1.9%, the S&P 500 dropped 1.7%, the Global Dow declined 1.2%, and the Dow sank 1.0%.  Ten-year Treasury yields lost 2.1 basis points.  Crude oil prices decreased 1.5%.  The dollar inched up 0.1%.  Gold prices fell 0.7%.

• 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.