Traders work on the floor of the New York Stock Exchange on August 8, 2024.
Brendan McDiarmid | Reuters
Stock futures were slightly lower in overnight trading Sunday after the S&P 500 posted its best week of 2024 so far.
Futures linked to the S&P 500 Down 0.03%, futures Dow Jones Industrial Average That’s 8 points, or 0.02%. Nasdaq 100 Futures Down 0.08%
Stocks ended a strong week amid continued volatility, with the Composite Index up 3.9%, its best week since 2023. The Nasdaq Composite and Dow Jones Industrial Average rose 5.2% and 2.9%, respectively.
“Like previous recoveries after stock market declines, this was a bit of a game of ‘put your money back,'” SoFi’s Liz Young Thomas told CNBC on Friday.
She added that the market needs “good news” to begin to recover from last week’s sell-off, which could come in the form of better retail sales, jobless claims and employment results. Walmart.
Last week’s rally came after a rocky start to August. Earlier this month, disappointing data stoked fears of a recession and worries that the Federal Reserve was too late in cutting interest rates. Those concerns triggered a global sell-off that led the S&P 500 to post its worst day since 2022 on Aug. 5.
New data released last week appeared to ease market fears and raise hopes that the economy could achieve a soft-landing scenario: Trailing-month inflation as measured by the Consumer Price Index slowed to 2.9% in July, the lowest level in more than three years.
Wall Street is focused on Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole, Wyoming, on Friday as investors look for more clarity on the outlook for rate cuts. That’s not the only Fed news this week: Minutes from the Fed’s latest meeting are due to be released on Wednesday. The Democratic National Convention also starts on Monday.
Earnings season is coming up on Monday. Palo Alto Networks and Estee Lauder.
