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MARKET RECAP – SEPTEMBER 5, 2024

Written By: Jenny Galeano Gamboa

September 5, 2024

STOCK MARKET

Dow Jones ended at $40,755.75 (-0.54%)

S&P 500 ended at $5,503.41 (-0.30%)

Nasdaq Composite ended at $17,127.66 (+0.25%)

The stock market witnessed mixed performances once again due to concerns over the outlook for the U.S. economy and fears of a potential growth slowdown. The Dow Jones Industrial Average and the S&P 500 fell, with the latter posting its third straight loss. Meanwhile, the Nasdaq Composite managed to report some gains following the announcement from Tesla about its plans to launch full self-driving software in Europe and China. It is worth noting that investors are on edge ahead of the labor report on Friday, as recent data has sent mixed signals about the health of the economy. In addition, the market has been highly sensitive to any signs of a growth scare, with a weak July labor report sparking recession fears and increased volatility in August. As a result, investors are closely watching for any deviations from expectations in the upcoming labor report, which could lead to significant market movements. Moreover, it is important to remark that despite Nasdaq gains, the overall market sentiment remains cautious.

CRYPTO MARKET

Bitcoin fell by 3.23% for the day, with a value of $56,042.31 as of 3:00 PM CST, as stated by Coin Metrics.

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