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News Junction > Blog > World News > Stock market today: Live updates
Stock market today: Live updates
World News

Stock market today: Live updates

Published August 9, 2024
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Stock trader Peter Tuchman, left, works on the floor of the New York Stock Exchange.

Spencer Platt | Getty Images

The S&P 500 inched upward on Friday as the stock market built on its incredible comeback from Monday’s violent rout. The broad market index was close to reversing its weekly fall.

The S&P 500 traded 0.3% higher and was down by just 0.2% for the week. The Nasdaq Composite added 0.5%. The Dow Jones Industrial Average flickered near the flatline.

This week marked the most volatile week of 2024 for the market. The Dow on Monday tumbled 1,000 points, while the S&P 500 lost 3% for its worst day since 2022. Disappointing U.S. payrolls data from the prior week and concerns the Federal Reserve was too late with rate cuts were the main culprits for the selling, along with the unwinding of a popular currency trade by hedge funds.

Stock Chart IconStock chart icon

S&P 500, 5-days

However, the major averages mounted a comeback, with Thursday’s encouraging weekly jobless claims number helping alleviate investors’ concerns about the U.S. economy. The S&P 500 advanced 2.3% on Thursday for its best day since November 2022, while the 30-stock Dow surged roughly 683 points. The tech-heavy Nasdaq Composite added nearly 2.9%.

Now the major averages are on the cusp of turning positive for the week. The Dow is down just 0.3% for the week and the Nasdaq is up almost 0.1%.

At the Monday lows, the S&P 500 was down nearly 10% from its recent all-time high. The Nasdaq Composite’s pullback reached full-fledged correction territory of beyond 10%. The Cboe Volatility Index — used by Wall Street to measure fear — reached heights last seen during the onset of the Covid-19 pandemic and the Great Financial Crisis.

But investors stepped in to buy the dip on the notion another crisis or recession was not on the horizon. The week’s earlier losses were tied more to hedge funds unwinding a long-time bet on a cheap Japanese yen rather than fundamental threats to the economy.

It is not just equity markets that have had a volatile week. The 10-year Treasury yield fell below 3.70% at one point, only to retake 4% on Thursday. It was last trading around 3.93%.

Stocks such as megacap tech leader Meta and weight loss drug darling Eli Lilly have led the comeback from the lows. Meta was up 5% on Friday, while Eli Lilly surged 5.5%.

Volatile trading activity is on par for the late summer, when there isn’t much information flow and earnings season starts to unwind, and isn’t indicative a worsening economy, said Infrastructure Capital Advisors CEO Jay Hatfield.

Much of the sell-offs in the market stemmed from a “hedge fund theme” rather than longer-term investors, Hatfield said.

“So it makes sense that we bounce back. A volatile sell-off and bounce back is just normal August [and] September behavior; thin markets, hedge funds gone wild and irrational moves down. The recent market activity has no bearing on our long term outlook,” Hatfield added.

#Stock #market #today #Live #updates

TAGGED:Breaking News: Marketsbusiness newsCboe Volatility IndexDow Jones Fut (Mar'23)Dow Jones Industrial AverageEconomic eventself Beauty IncEli Lilly and CoLivemarketMarketsMeta Platforms IncNASDAQ 100 Fut (Mar'23)NASDAQ CompositeParamount GlobalS&P 500 Fut (Mar'23)S&P 500 IndexStockTake-Two Interactive Software InctodayUnited StatesUnity Software Incupdates
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