Market Week: September 3, 2024
The Markets (as of market close August 30, 2024)
Despite moments of trepidation, the stock market extended its winning streak to three straight weeks. And even with its rough start, August marked the fourth month in a row of positive returns. Several encouraging reports suggested that the economy is holding up and inflation is moderating, keeping alive hopes of a soft landing and a September rate cut by the Federal Reserve. The Dow posted the largest gain to close out the week at an all-time high, and the Global Dow also soared. The large caps of the S&P 500 posted a modest gain, the small caps of the Russell 2000 treaded water, and the tech-heavy NASDAQ ended the week in the red. Financials, energy, and materials were the top performing sectors, while information technology and communication services lagged. Bond prices fell, pushing up 10-year Treasury yields. Regardless of heightened geopolitical tensions, crude oil prices slipped due to expectations of weaker global demand. Gold prices fell and the dollar rose.