06 SEPT 2024 Market Close & Major Financial Headlines: Friday’s Job Report Missed Expectations And The Markets Fell Like A Rock, Closing At Session Lows
Summary Of the Markets Today:
- The Dow closed down 410 points or 1.01%,
- Nasdaq closed down 2.55%,
- S&P 500 closed down 1.73%,
- Gold $2,525 down $17.90,
- WTI crude oil settled at $68 down $0.97,
- 10-year U.S. Treasury 3.723 down 0.010 points,
- USD index $101.19 up $0.08,
- Bitcoin $53,725 down $2,451 or 4.36%,
- Baker Hughes Rig Count: U.S. -1 to 582 Canada unchanged to 220
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The major U.S. stock indexes erased earlier gains and declined sharply in afternoon trading. The August jobs report showed 142,000 jobs added, below expectations of 165,000. The markets believed that there were signs of continued cooling in the labor market. The weaker-than-expected jobs data shifted expectations for the Fed’s upcoming meeting with the markets believing there was Increased chances of a larger 50 basis point rate cut. Fed Governor Waller reiterated that “the time has come” to lower rates. In corporate news, Broadcom shares fell nearly 10% on weak sales forecast and other chip stocks like Nvidia also declined significantly. Overall, stocks whipsawed this week as investors assessed economic data . All three major indexes are set for significant weekly declines.
Click here to read our current Economic Forecast – September 2024 Economic Forecast: One Recession Flag Removed With Three Remaining
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Total nonfarm payroll employment grew 142,000 in August 2024 (according to the establishment survey) with the unemployment rate declining insignificantly to 4.2% (according to the household survey). The household survey shows employment growth of 168,000 with the establishment’s growth of 142,000. I generally consider 150,000 job growth as the metric for healthy jobs growth to accommodate new workers entering the economy – and this month the household survey estimated 120,000 additional workers were added to the workforce. So jobs growth this month was more than the estimated workforce growth. Unfortunately manufacturing employment declined while health care, construction, and government were the largest employment growth sectors. No evidence in these numbers of a recession.
Here is a summary of headlines we are reading today:
- Saudi Arabia’s Economic Growth Defies Regional Instability
- U.S. Oil, Gas Drillers Ease Up As Prices Crash
- Toyota Slashes EV Production Goal Amid Global Slowdown
- Texas Denies State Funding to 1.3 GW Natural Gas Plant Project
- Why Oil Prices Fell Back Below $70
- S&P 500 tumbles Friday to post worst week since 2023, Nasdaq drops 2% for worst weekly performance since 2022: Live updates
- Here’s where the jobs are for August 2024 — in one chart
- Fed Governor Waller backs interest rate cut at September meeting, open to larger move
- Home listings are up more than 60% in some cities. Here’s where
- Bitcoin and ether head for second week of losses: CNBC Crypto World
- Oregon Reverses Liberal Drug Law After “Losing A Generation” To Addiction
- The bond market just flashed a reliable recession signal. Don’t panic.
- 2-year Treasury yield ends at lowest since 2022 after August payrolls miss expectations
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.