FINANCIAL STOCK MARKET  WEEK Market Week: October 7, 2024 

"Investors were confronted with plenty of market-moving information last week,"  by Wendy Nelson 

Market Week: October 7, 2024

The Markets (as of market close October 4, 2024)

Investors were confronted with plenty of market-moving information last week as they waded through negative developments and some positive signs.  Growing tensions in the Middle East and a slowdown in the manufacturing sector (see below) were causes for concern, while a better-than-expected jobs report (see below) helped alleviate some of those worries, at least for a time.  The S&P 500, the NASDAQ, and the Dow ended a very volatile week on the plus side, while the Russell 2000 and the Global Dow closed the week lower.  Among the market sectors, energy surged by more than 8.5%, while communication services, financials, and industrials also closed higher.  The remaining sectors declined, led by real estate and materials.  Ten-year Treasury yields surged to their highest level in nearly two months as the robust labor report cooled expectations that the Federal Reserve needed to aggressively cut interest rates.

The stock market spent most of last Monday in negative territory, facing selling pressures, only to rally at the close of the session.  The S&P 500 and the NASDAQ each gained 0.4%, the Russell 2000 added 0.2%, while the Dow was flat.  The Global Dow declined 0.5%.  Ten-year Treasury yields rose 5.3 basis points to settle at 3.80%.  Crude oil prices inched up 0.1% to $68.24 per barrel.  The dollar and gold prices fell marginally.

Stocks slid lower last Tuesday amid rising tensions in the Middle East.  Investors also had to consider a slowdown in manufacturing activity (see below), although job openings rose unexpectedly in August, evidencing that the lag in the labor market may not be quite so pronounced.  All of the benchmark indexes listed here lost value, led by the Russell 2000 and the NASDAQ, each of which declined 1.5%.  The S&P 500 fell 0.9%, the Global Dow dipped 0.5%, and the Dow slid 0.4%.  Crude oil prices rose 3.6%, reaching $70.64 per barrel.  Ten-year Treasury yields fell 5.9 basis points to 3.74%.  The dollar rose 0.4% against a basket of currencies, while gold prices advanced 0.8%.

The benchmark indexes listed here closed mostly higher last Wednesday, with the exception of the Russell 2000 and the Global Dow, each of which slipped 0.1% lower.  The S&P 500, the Dow, and the NASDAQ inched up by about 0.1%.  Ten-year Treasury yields rose to 3.78%.  Crude oil prices continued to advance, settling at $70.90 per barrel.  The dollar gained 0.4%, while gold prices fell 0.4%.

Stocks closed lower last Thursday as escalating tensions in the Middle East and the dock workers' strike were concerns for investors.  The small caps of the Russell 2000 led the declines, falling 0.7%, followed by the Global Dow (-0.6%), the Dow (-0.4%), and the S&P 500 (-0.2%).  The NASDAQ dipped less than 0.1%.  Crude oil prices vaulted 5.3%, reaching $73.82 per barrel.  Ten-year Treasury yields rose 6.5 basis points to 3.85%.  The dollar and gold prices each rose 0.3%.

Last Friday saw stocks move higher on the heels of a strong jobs report, which quelled, at least temporarily, investors' concerns over Middle East tensions.  The Russell 2000 gained 1.5%, followed by the NASDAQ (1.2%), the S&P 500 (0.9%), and the Dow (0.8%), which reached another record high.  The Global Dow rose 0.6%.  Yields on 10-year Treasuries vaulted 13.1 basis points to close at 3.98% as bond prices declined.  Crude oil prices gained 1.0%, the dollar advanced 0.5%, while gold prices slid 0.3%.

• 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.