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.