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Strength of the Market
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The Strength of the Market is: Strong

hyggeadvisors
Aug 5, 20241 min read

Last week, stocks fell sharply after the latest jobs numbers came in much weaker-than-anticipated, which ignited worries that the economy could be falling into a recession. The unemployment rate rose to 4.3%, its highest since October 2021. As the stock market dropped, investors flooded into bonds for safety. The Nasdaq entered correction territory, down more than 10% from its high, and the S&P 500 is 5% and the Dow Jones is 4% below their all-time highs. Big Tech and Artificial Intelligence enthusiasm is having a little bit of a reality check - on Friday, Amazon lost 8.8%, Intel dropped 26% and Nvidia was down 4%.

 

Economic reports from last week came back mostly negative:

•Manufacturing (Dallas) - lower than expectation

•Single-Family Home Values - lower than expectation

•Pending Home Sales - higher than expectation

•Employment (Private) - lower than expectation

•Employment (Total) - lower than expectation

•Construction Spending - lower than expectation

•Vehicle Sales - lower than expectation

•Labor Productivity - higher than expectation

•Job Openings - higher than expectation

•Jobless Claims - higher than expectation

 

This week, investors will look for guidance from economic reports like Consumer Credit and Jobless Claims.

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