Stocks fall with safe haven assets in demand, growth concerns in focus
By Sinéad Carew and Tom
Wilson
Wed September 4, 2024 4:42 PM
After yesterday’s incredible rout, the morning saw the indexes bouncing back into the black, the Dow quite a lot more so than the tech-heavy indexes which bounced back and forth between red and black all day but mostly close to flat. The Dow however was up over 230 points by 11 a.m. as investors flocked to more safe havens, but then spent the afternoon in decline. It was a mixed day for data with new manufacturing orders increasing more than expected, but balanced by the lowest level of job openings in 3-1/2 years. The latter should be further bolstering the case for rate cuts as an indication of continuing lower inflation but, believe it or not, the markets are now actually sweating the previously much coveted ½ point cut as a sign the Fed may be acknowledging they’re behind the curve, a recessionary signal everyone’s been fearing. But the payrolls report due Friday is what everyone is waiting for, which explains that once again volume has been dipped below the 11 billion average coming in at 10.6 billion.
DJ: 40,936.93 -626.15 NAS: 17,136.30 -577.33 S&P: 5,528.93 -119.47 9/3
DJ: 40,974.97 +38.04 NAS: 17,084.30 -52.00 S&P: 5,520.07 -8.86 9/4
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