S&P 500 ends slightly higher but banks and energy weigh
By Sinéad Carew and Shubham
Batra
Tue September 10, 2024 4:34 PM
Today’s big trigger was Goldman Sach’s announcing that its Q3 revenue was expected to fall 10% which in turn dampened expectations about interest income which sent the whole financial sector down and rippled into the rest of the market as a sign of a weakening economy. Again, it’s the continuing tug of war between lowering inflation and keeping the economy from recession. The announcement must have come right around 11 a.m. because that’s when all the indexes started to sink and all reached lows by noon, the Dow down over 400 points, before all rebounded in the afternoon to close with decent gains in tech and a much smaller loss in the Dow.
But the real angst comes not from signs of the U.S. weakening but of a global weakening as inflation fighting measures are slowing growth throughout the world. CPI comes Wednesday, PPI Thursday, and as today’s expert put it, none of this even takes into account “the uncertainty with the election cycle.” All eyes are tight on tonight’s debate. At 10.75 billion, volume was right in line with recent averages.
DJ: 40,829.59 +484.18 NAS: 16,884.60 +193.77 S&P: 5,471.05 +62.63 9/9
DJ: 40,736.96 -92.63 NAS: 17,025.88 +141.28 S&P: 5,495.52 +24.47 9/10
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