Stock Market Today: Dow Dives 410 Points After August Jobs Miss

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Because of its massive size, Nvidia’s stock is one of the most influential on Wall Street, and it fell 13.9% over the week. That’s even though Nvidia has continued to top analysts’ expectations for growth. With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer’s Investment Research.

He says high interest rates are weighing on consumer durable goods spending and multifamily residential investment. In his speech, Powell said it is unlikely the Fed will need to raise interest rates further but the appropriate path forward will instead be to continue to hold interest rates at current levels for an extended period of time. The FOMC has maintained its target fed funds interest rate range at between 5.25% and 5.5% since July 2023, its highest target range since 2001. “I do think it’s really a question of keeping policy at the current rate for longer than had been thought,” he said. He estimates that around 300 million iPhones globally are overdue for an upgrade.

National Fuel Gas Company(NFG Quick QuoteNFG) Upgraded: 09/05/24

“For the remainder of the year, the S&P 500 has posted respective average and median returns of 4.9% and 6.4% after May,” Turnquist says. While the economic outlook remains uncertain, there are reasons for investors to be optimistic in June and beyond. Despite its dismal week, the S&P 500 remains just 4.6% below its all-time high set in July. It’s also still up 13.4% for 2024 so far, which counts as a good year.

Whether the stock market goes up or down ultimately depends on macroeconomic fundamentals, corporate financial results, and valuations. Value stocks have historically outperformed growth stocks when interest rates are high, but that trend reversed in 2024 as investors anticipate a Fed pivot to rate cuts in the second half of the year. The Vanguard Value ETF (VTV) has generated a total return of just 6.3% year-to-date, while the Vanguard Growth ETF (VUG) has generated a total return of 14.7%. While interest rate cuts can benefit stock market investors by decreasing the cost of debt for businesses, they also decrease the yields that savers can earn on savings accounts and certificates of deposit (CDs). According to Meera Shireen Meyer, a CFP based in Boulder, Colorado, interest rate cuts can benefit certain sectors of the stock market by decreasing the cost of borrowing for businesses.

You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities. “A low interest rate environment is typically good for businesses (specifically consumer goods, tech, real estate, and finance sectors) and that translates to stock values increasing,” Meyer said in an email interview.

As sports bettors get ready for the first regular-season NFL game next month, financial speculators may be anticipating the upcoming Federal Reserve meeting with similar levels of enthusiasm. If you feel that you are able to set healthy limits for yourself, a financial advisor can also be a good resource for gauging how much you can responsibly budget for entertainment expenses such as sports betting. But Paré and Woods both say that some people can find themselves unable to control the risks of their sports betting behavior. In other words, heavy sports betting can sometimes be a form of gambling addiction.

Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Zacks may license the Zacks Mutual Fund rating provided herein to third parties, including but not limited to the issuer. In May, the S&P used car dealer in kissimmee, tampa, orlando, miami, fl 500 gained 4.2% despite concerns over slowing economic growth, weakening U.S. consumer sentiment and the possibility of stagflation ahead. The S&P 500 is up 10% year-to-date as investors have shrugged off mixed economic data and now anticipate lower inflation, earnings growth acceleration and interest rate cuts in the second half of 2024. The worse-than-expected jobs report sparked a global stock market selloff amid fears of a U.S. recession in the near future, and spurred talk of an emergency rate cut before the next Fed meeting.

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It also followed recent reports showing weakness in manufacturing and some other areas in the economy. The pandemic triggered the worst bout of inflation in 40 years, and the Federal Reserve reacted with its most aggressive rate-hiking cycle in decades. Between March 2022 and July 2023, policymakers raised the federal funds rate to its highest level since 2001. While the headline BLS figure is -19K below expectations, we also see fairly drastic downward revisions for both June and July. The July headline shrinks from an already-scant +114K to +89K (perhaps more in tune with yesterday’s ADP report), and June’s relatively healthy original +179K has reduced to +118K. Over the past four months, the average amount of non-farm payroll gains from the BLS is +141K.

DraftKings shares have roughly doubled in price since the company went public in 2020, albeit with significant volatility since then. “We believe AVGO has one of the most strategically and financially attractive business models in semiconductors,” says Oppenheimer analyst Rick Schafer. In addition to his Outperform (Buy) rating on AVGO, Schafer says that Broadcom remains a top AI play as its data center AI networking and custom compute portfolio support “snowballing AI growth.”

The market expects the Federal Reserve to start cutting interest rates this month. “The current choppiness will prove to be just that, not the sign of a new bear market. It should lead to a buying opportunity within the continuing bull christian brothers services market, ahead of renewed rallying in the fourth quarter,” Hayes said. Altogether, that means the current stock market decline is more likely to be a garden variety correction that ultimately proves to be healthy for the sustainability of the ongoing bull rally that began in October 2022. The labor market is cooling, with the three-month average of monthly job gains decelerating to about 110,000 in August from about 270,000 in March.

All the uncertainty sent Treasury yields on a wild ride in the bond market as traders tried to handicap the Fed’s next moves.

1. Following the first cut in each cycle, the S&P 500 generated a positive 12-month return nine out of 11 times.
2. For one, the unemployment rate improved to 4.2% from 4.3% a month earlier.
3. The investing information provided on this page is for educational purposes only.
4. In July 2024, economists surveyed by The Wall Street Journal put the odds of a recession within the next 12 months at 28%, the lowest estimate since 18% in January 2022.
5. Specifically, the broad-market index slumped 1.7% to 5,408, finishing 4.3% lower on the week.

In fact, the S&P 500 is on track for its best quarter of earnings growth since the first quarter of 2022. He anticipates the FOMC will opt not to cut interest rates for most—if not all—of 2024 but says a delayed pivot to rate cuts may not derail the bull market rally. The bond market is currently pricing in a 98.7% chance the Fed will maintain its current fed funds target rate range of between 5.25% and 5.5% at its June meeting, according to CME Group. Other chip companies also fell Friday, including a 4.1% drop for Nvidia. After soaring earlier this year as its revenue surged on the AI frenzy, Nvidia’s stock has been shaky since mid-July as investors question whether they took it too high.