S&P 500, Dow end lower ahead of key jobs data, Nasdaq up
Thu September 5, 2024 4:35 PM
Positive economic reports showing services sector activity up and unemployment claims down boosted tech, the Nasdaq up over 200 points by 10:30, but bringing down the Dow which had losses exceeding 450 points by noon. Even the S&P enjoyed a modest 26-point gain until about 10:30 a.m. But shortly thereafter all the indexes took big dives again as investors all braced for tomorrow’s hotly awaited payrolls report which they evidently fear may not be as positive as they want, data that may or may not make a difference in the Fed’s September rate cut decision. Nerves are a bit on edge. After all, historically going back to 1928, the S&P has lost over 1% during September. Only three days in, the index is already down 2.5%, the tech index down 4.8%. Not a good beginning. Of course, this could just as well mean that we’re due for a rebound. Volume is now right in line with the 4-week average at 10.6 billion.
DJ: 40,974.97 +38.04 NAS: 17,084.30 -52.00 S&P: 5,520.07 -8.86 9/4
DJ: 40,755.75 -219.22 NAS: 17,127.66 +43.37 S&P: 5,503.41 -16.66 9/5
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