August 9, 2024 – Early Friday trading saw modest gains in S&P 500 futures, following a strong rebound in the U.S. stock market on Thursday.
Market Moves
S&P 500 Futures: Up about 0.16%
Nasdaq 100 Futures: Up about 0.28%
Dow Jones Industrial Average Futures: Up 0.1%
After-Hours Stock Movements
Paramount Global: Gained more than 5% after reporting adjusted earnings that exceeded estimates and announcing a 15% reduction in its U.S. workforce.
E.l.f. Beauty: Fell approximately 10% following a cautious earnings forecast.
Thursday’s Market Rebound
The S&P 500 surged 2.3% on Thursday, marking its best performance since November 2022. The Dow Jones Industrial Average jumped around 683 points, or nearly 1.8%, while the Nasdaq Composite advanced 2.87%. This rebound came after a challenging week marked by a global sell-off triggered by disappointing U.S. payrolls data and concerns over the Federal Reserve’s interest rate decisions.
Market Sentiment
Despite the recovery, major indices remain down for the week:
S&P 500: Down 0.5%
Nasdaq: Down approximately 0.7%
Dow Jones Industrial Average: Down roughly 0.7%
Both the S&P 500 and Nasdaq are on track for their fourth consecutive losing week. Investors appear to view the recent pullback as a healthy correction, buying the dip in hopes of a stronger year-end finish.
Expert Commentary
“The fundamental backdrop remains favorable for stocks to trend higher, particularly for investors with time horizons that extend to year-end and beyond,” noted Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “Near term, heightened levels of volatility are likely to be more the norm versus the exception, as broad-market valuations remain elevated and seasonality trends suggest tempered returns during the ‘dog days of summer.'”
Cryptocurrency Update
Bitcoin: Surpassed $60,000, last trading at $61,535.40, up 12% on the day.
Ether: Rose 13% to $2,672.47.
Despite the recent gains, both cryptocurrencies are on track for weekly losses.
Outlook
Investors remain cautious but optimistic, with the market trying to regain momentum amid ongoing volatility and economic uncertainties. The focus will likely shift to upcoming economic data and Federal Reserve signals as market participants assess the outlook for the rest of the year.
