After the market opened near all-time highs Thursday, the market had turned red by the afternoon.

Just past the 4 pm ET the   $S&P 500 Index (.SPX.US)$ fell 0.89%, the      $Dow Jones Industrial Average (.DJI.US)$ fell 0.43%, and the   $Nasdaq Composite Index (.IXIC.US)$ fell 1.67%.

Thursday, U.S. Initial Jobless claims showed that about 232k Americans were newly unemployed, around the forecast and the year average of 220k. Existing home sales came in at 3.95M for July, right around last month's 3.9M. S&P PMI came in slightly higher at 55.2 on Thursday.

Wednesday, FOMC meeting minutes from July showed most top Federal Reserve officials believed they should cut interest rates in September if inflation continued to slow and the labor market got any weaker.

"The majority overserved that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the minutes of the Fed's July 30-31 meeting said. "Several" Fed officials even said they would have supported a rate cut at the July meeting.

Investors are digesting comments made during the Democratic National Committee. Wednesday night, Tim Walz accepted his VP nomination. So far, the Harris campaign has made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate 7% to 28%. President Barack Obama and Joe Biden made an appearance this week.

Investors are also awaiting Powell's speech in macroeconomics at Jackson Hole, Wy, this Friday at 10 am ET; catch it live on moomoo with our broadcast and commentary.

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Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

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