Stock Market Update Thursday September 5, 2024

Stock Market Update Thursday September 5, 2024 Stocks failed to sustain early gains but found support at mid-day lows, leaving the S&P 500 slightly weaker ahead of tomorrow’s pivotal August payrolls report. The S&P 500 declined 0.3%, marking its third consecutive session in negative territory. Meanwhile, the Nasdaq gained 0.25%, while the Russell 2000 lagged, falling 0.69%. This came amid mixed labor market data, with weak private payroll growth but a decline in unemployment claims. Consumer Discretionary led all sectors, driven by a nearly 5% gain in Tesla. In contrast, Health Care, Industrials, and Financials were the worst performers, each falling 1% or more.

Away From Stocks: Treasury's extended their impressive rally, with the 2-year and 30-year yields closing at 3.75% and 4.02%, respectively, down 1 and 4 basis points. WTI crude held steady at $69 per barrel, gold surged to $2,516 per ounce, bitcoin dipped to $56,100, and the VIX retreated below 20, reflecting diminished volatility expectations.