S&P 500 and Nasdaq Inch Up as Rebound (Barely) Continues | Wall Street Today
Stocks mostly inched up Monday as Wall Street managed to slightly extend its recent rebound from the big pullback that it saw earlier this month on weak July U.S. jobs data.
The Nasdaq Composite led the upward, gaining 35.31 points (0.2%) to a 16,780.61 close. The S&P 500 likewise inched up 0.23 points (less than 0.1%) to a 5,344.39 finish, although the Dow Jones Industrial Average shed 140.53 ticks (0.4) to 39,357.01.
The main indexes mostly rose as stocks continued to stabilize from the roughly 5% sell-off that they saw Aug.2-5 after the U.S. Bureau of Labor Statistics reported a weaker-than-expected July jobs report.
The soft data had Wall Street – which had previously been hoping for a slower economy to curb inflation and allow for Federal Reserve rate cuts -- worrying that things had slowed too much and a recession could be looming.
However, the market’s key indexes have since recouped a majority of their recent losses.
MACRO
Markets got some fresh inflation data Monday from the New York Federal Reserve, whose survey of consumers showed median three-year inflation expectations had dropped a sharp 0.6 percentage points to 2.3%. That’s the lowest read since the New York Fed started the survey in 2013.
The study also found that median household-spending growth also slowed to 4.9%, the lowest level since April 2021.
SECTORS
Gold miners mostly rose as gold futures advanced near a record.
Gold gained ground in part in a flight to quality as Mideast tensions between Iran and Israel continue to rise. Additionally, easing inflation expectations increase the likelihood of U.S. Federal Reserve rate cuts, which could weaken the U.S. dollar against the precious metal.
$Gold Futures(DEC4) (GCmain.US)$ rose 1.2% to settle at $2,504 an ounce in New York Monday, less than $2 below the record close for a most-active contract. That pushed the S&P Global Mining Gold Index up 1%. $Silver Futures(SEP4) (SImain.US)$ rose 1.6% to $28.025 an ounce.
$Newmont (NEM.US)$, the world's largest gold producer, also rose 2.5% to $48.90 at 3:34 p.m. in New York.
MOOVERS
Stocks making significant moves Monday included:
-- $B. Riley Financial (RILY.US)$, down 51.9% on word the firm is suspending its dividend and has received subpoenas from regulators.
-- $JetBlue Airways (JBLU.US)$, which shed 20.7% on news that it plans to sell $400 million of convertible senior notes due in 2029.
-- $Hawaiian Electric Industries (HE.US)$, which fell 14.4% after reporting earnings after the bell Friday that said the utility doesn’t yet have financing in place to pay a $1.7 billion settlement over its involvement with the recent massive Maui fire.
-- $Pitney Bowes (PBI.US)$, which traded 10% higher as a rally sparked by well-received quarterly earnings Thursday evening extended into a second session.
-- $Blend Labs (BLND.US)$, which rose 10.9% on continued gains from a quarterly revenue beat reported last Thursday after the bell.
-- $KeyCorp (KEY.US)$, up 9.1% on word that Bank of Nova Scotia is buying a 14.9% stake in the firm for about $2.8 billion in cash.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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In 10 minutes it’s history. At four I’m a dinosaur!
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Space Dust : it's a BLEED OFF,
.. FFS, this market is gonna go up 1-2 days, and down 3..
LIKE every previous time .
.. and gaslighting.. 
at the END of each month, after inflation, WILL BE A NET LOSS. .. war. turmoil, have to pay for it, by backdoor market liquidation..
and the RETAIL INVESTOR WILL HOLD THE BAG
and the WHOLE TIME DOWN.. sugar coating
it's a " buying opportunity" ..such an old, tired, played out statement.
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