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What Moved Markets?
Market Maverick
September 07, 2024
The S&P 500 index experienced its most significant weekly decline since early March of the previous year, concluding on Friday. This downturn was primarily attributed to growing worries about economic health, fueled by a series of disappointing economic indicators throughout the week, particularly those related to the job market. The combination of these factors, along with the historically challenging month of September for markets, created a pessimistic atmosphere that triggered extensive selling.
The much-anticipated employment report for August was expected to provide clear direction on the magnitude of the Federal Reserve's anticipated interest rate reduction later in the month. However, it instead sparked a debate among market participants. Attention has now shifted to the upcoming consumer inflation report, scheduled for release the following Wednesday, which is expected to offer additional insights.
Over the course of the week, the S&P 500 index dropped by 4.3%, while the Nasdaq Composite saw an even steeper decline of 5.8%. The Dow Jones Industrial Average, representing blue-chip stocks, experienced a comparatively smaller decrease of 2.9%.
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