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Afternoon Note

End of Summer

By Karina Hernandez, Senior Research Analyst
8/30/2024 1:25 PM

It’s the end of summer and the S&P 500 and Nasdaq Composite are both in the green but well-off their highs. The Dow Jones Industrial Average and Russell 2000 are in the red. The three indices opened energized, powered by earnings reports and pleasing economic data, but failed to hold and sit now near lows of the session. 

Decliners outweighed advancers on both the NYSE and NASDAQ, but both still have more new highs than lows. 

Market Breadth

NYSE

NASDAQ

Advancers

973

1,576

Decliners

1,760

2,416

New Highs

205

103

New Lows

12

65

Up Volume

438.75 million

1.68 billion

Down Volume

707.7 million

1.14 billion

The only sectors in the green today are Technology (XLK) and Consumer Discretionary (XLY), both marginally up 0.1%. The biggest loser by far is Energy (XLE), down 0.66%.

On the economic side, the final read for August’s Consumer Sentiment index rose to 67.9 from 67.8 while expectations remained unchanged at 72.1.

Chicago PMI for August still indicates contraction but better than expected at 46.1 from 45.3 vs. consensus 44.8. New orders and employment fell while prices paid rose.

The markets are closed on Monday for the Labor Day holiday. Enjoy the long weekend.


 

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