Wall Street stocks fall, big weekly drop as market waits for Fed to move

Wall Street stocks fall, big weekly drop as market waits for Fed to move

By Chibuike Oguh

Fri September 6, 2024 4:22 PM

It was a straight shot down right out the gate with all the indexes incurring major losses as early as 11 a.m. and then staying steady on that path the rest of the day, the Dow and Nasdaq closing with heavy 3-digit deficits. The much- anticipated payrolls report which was feared to be disappointing was taken exactly that way with not only August numbers coming in below expectations but also the double whammy of July numbers also revised downwards. 

This has once again raised serious concerns that the labor market has gone too soft and heading to recession and the Fed is now too late to the game to fix this. So, the panic selling continues with rate cut odds for later this month now at 75:25 for a ¼ vs ½ point cut.  All three indexes suffered losses for the week between 1 and 2.5%. Volume came in at 11.8 billion, above the 10.7 average. 

DJ: 40,755.75  -219.22      NAS: 17,127.66  +43.37      S&P: 5,503.41  -16.66      9/5

DJ: 40,345.41  -410.34      NAS: 16,690.83  -436.83     S&P: 5,408.42  -94.99      9/6

Fri 9-6-24 4:22 pm Wall Street stocks fall, big weekly drop as market waits for Fed to move | Reuters