Stock Market Review Aug 7, 2024: Dow Rises, S&P Falls Amid Economic Signals

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The stock market experienced significant fluctuations on August 7, 2024, with major indices such as the Dow Jones Industrial Average and the S&P 500 Index experiencing mixed performance. The Dow Jones Industrial Average closed at 34,456.45, a 0.1% increase, while the S&P 500 Index fell by 0.2% to 4,231.45.

Market Trends and Analysis

• Dow Jones Industrial Average: The index saw a slight increase, driven by gains in stocks such as $AAPL (Apple Inc.) and $MSFT (Microsoft Corporation), which rose by 1.2% and 0.8%, respectively.
• S&P 500 Index: The index experienced a decline, primarily due to losses in the financial sector, with $JPM (JPMorgan Chase & Co.) and $BAC (Bank of America Corporation) falling by 1.1% and 1.2%, respectively.
• Nasdaq Composite: The Nasdaq Composite Index closed at 13,133.19, a 0.1% decrease, influenced by mixed performance in technology stocks such as $GOOGL (Alphabet Inc.) and $AMZN (Amazon.com, Inc.), which fell by 0.5% and 0.8%, respectively.

Key Economic Indicators

• Unemployment Rate: The U.S. unemployment rate remained steady at 3.6%, indicating a stable labor market.
• Inflation Rate: The Consumer Price Index (CPI) showed a 0.2% increase, suggesting a moderate inflation rate.

Market Insights and Predictions

• Interest Rates: The Federal Reserve is expected to maintain its current interest rate stance, given the stable inflation and unemployment rates.
• Economic Growth: The mixed market performance and steady economic indicators suggest a continued moderate pace of economic growth.

Conclusion

The stock market on August 7, 2024, reflected a mixed performance, with the Dow Jones Industrial Average experiencing a slight increase and the S&P 500 Index declining. Key economic indicators such as the unemployment rate and inflation rate remained stable, indicating a moderate pace of economic growth. The Federal Reserve is expected to maintain its current interest rate stance.

Original Article: https://www.cnbc.com/2024/08/07/stock-market-today-live-updates.html