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Market Update 04/08/24


Markets remained mixed between April 2-8 as investors weighed the likelihood of forthcoming interest rate cuts.

By Tuesday’s close, the Dow Jones Industrial Average declined 1.0%, the S&P 500 declined 0.7% and the Nasdaq composite declined 1.0%. The Health Care Select Sector, the Consumer Discretionary Select Sector and the Real Estate Select Sector lost 1.6%, 1.5% and 1.1%, respectively.

The Chicago Board Options Exchange Volatility Index can be used as a fear gauge for the general investor sentiment regarding the equity markets. The CBOE Volatility Index climbed 7.0% to a value of $14.61. 

The three major indexes closed mixed following positive sentiment from the Federal Reserve Chair Jerome Powell. The Dow lost 0.1%, the S&P 500 added 0.1% and the Nasdaq added 0.2%. The Communication Services Select Sector, the Energy Select Sector and the Materials Select Sector rose 0.8%, 0.7% and 0.6%, respectively.

“Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy,” Powell remarked at a forum hosted by the Stanford Graduate School of Business.

Markets retracted on Thursday as investors remained pessimistic about forthcoming rate cuts. The Dow fell 1.4%, the S&P 500 fell 1.2% and the Nasdaq fell 1.4%. The Technology Select Sector, the Health Care Select Sector and the Communication Services Select Sector lost 1.6%, 1.4% and 1.3%, respectively.

The CBOE Volatility Index increased 14.1% to $16.35.

The Bureau of Labor Statistics reported that jobless claims increased by 9,000 to a value of 221,000 for the week ended March 30.

By Friday’s close, the three major indexes ended in the green following positive sentiment surrounding recent job market data. The Dow added 0.8%, the S&P 500 added 1.1% and the Nasdaq added 1.2%. The Industrials Select Sector, the Technology Select Sector and the Energy Select Sector rose 1.4%, 1.1% and 1.1%, respectively.

The CBOE Volatility Index fell 2.0% to $16.03.

The Bureau of Labor Statistics announced that nonfarm payroll employment rose 303,000 in March while the unemployment rate was 3.8%.

Markets closed mixed on Monday ahead of the release of forthcoming economic data and comments from members of the Federal Open Market Committee. The Dow declined 11.24 points, the S&P 500 declined 1.95 points and the Nasdaq added 5.44 points.

The Energy Select Sector, the Health Care Select Sector and the Industrials Select Sector lost 0.6%, 0.3% and 0.2%, respectively.

Investors have anticipated the release of economic data such as the Consumer Price Index and Core CPI. While the Fed continues to weigh the future of interest rate cuts, investors should look to invest in industries that benefit from a loosening in interest rates.

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