Stock Market Update Friday August 23, 2024

Stock Market Update Friday August 23, 2024 Today's key development was Fed Chair Jay Powell’s affirmation that the economy is on track to achieve 2% inflation, coupled with his concern over further labor market weakness. This sparked an immediate surge in the markets, with the S&P 500 rising about 1.5% and the Nasdaq gaining over 2%. However, the rally was met with selling pressure, and by midday, those gains were roughly halved. After some sideways movement, the indices managed to claw back toward the highs of the day.

Away From Stocks: The U.S. dollar continued to weaken, gradually breaking down. Fixed income assets reacted positively to the news, while precious metals showed strength, with silver advancing 2.5% and gold up 1%. The mining sector, however, was lackluster, with only a few names exhibiting notable enthusiasm.

Many investors got shaken out of key positions like $IWM $SPY because of #volatility. 📉 Using evidence-based research and algorithms keeps you focused on fundamental drivers. Stay disciplined and avoid getting shaken out. 💪 #InvestSmart #StockMarket #SPX500 $SPY $QQQ #BITCOIN #CRYPTO IWM 0.00%↑

The S&P 500 has hit an all-time high on a weekly closing basis! 📈🔥 #SPX500 $SPY #StockMarket #AllTimeHigh #BullMarket #Investing #QQQ #BITCOIN #CRYPTO

⚡Get Started https://www.algotradealert.com/get-started Free Trial 🔐Premium Membership➕📉Stock Market Update Daily News Letter+ 📈➕AlgoTradeAlert Momentum Indicator➕Futures SPY ETF ES NQ Live Day Trading➕Discord