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Stock Market Today: Live Updates
As the week progresses, the stock market continues to exhibit volatility, with investors eagerly awaiting crucial labor market statistics. Futures for the S&P 500 rose by less than 0.1%, while Nasdaq 100 futures inched up about 0.1%. Conversely, futures linked to the Dow Jones Industrial Average decreased by 10 points, marking a decline of under 0.1%.
This mixed performance follows a turbulent start to September, with both the S&P 500 and Nasdaq Composite experiencing declines for the second consecutive day, falling by 0.16% and 0.3%, respectively. The Dow, however, managed a modest increase of 0.09% on Wednesday.
The market's sensitivity to growth concerns has been evident in recent weeks, particularly highlighted by Tuesday's sell-off triggered by disappointing manufacturing figures. This underscores the increasing significance of jobless claims data, which will be released on Thursday morning, followed by the August nonfarm payrolls report on Friday.
Yung-Yu Ma, Chief Investment Officer at BMO Wealth Management, emphasized the importance of jobless claims data, stating, "As long as those figures remain low, we believe consumers will continue to spend." Ma maintains that he still anticipates the U.S. economy is on a path toward a 'soft landing' and that the market's upward trend should eventually expand, though he cautioned that market volatility is likely to persist in the short term.
The employment statistics could significantly influence the Federal Reserve's decision regarding interest rates later this month. Ma's optimism about a 'soft landing' is tempered by the high level of uncertainty currently faced, which will likely delay the market's expansion.
Original Article: https://www.cnbc.com/2024/09/04/stock-market-today-live-updates.html
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