“You Retire Once… I Help People Retire Everyday”
Connect With Us:
Have any questions?

Week in Review: Aug.26.2024 - Aug.30.2024

Get a free consultation today.
September 2, 2024

Market Recap

WEEK OF AUG. 26 THROUGH AUG. 30, 2024

The S&P 500 index edged up 0.2% last week and recorded a 2.3% monthly gain amid optimism for Federal Reserve officials to deliver an interest-rate cut in September. The index ended the week and the month of August at 5,648.4, marking the third straight weekly gain and the fourth monthly gain in a row. Also worth noting, August was the S&P's seventh positive month of 2024 with the only decline being the month of April which puts the index up 18% on the year.

Gains in recent weeks been spurred partly by speculation the Fed's policy-setting committee will begin cutting rates at the September meeting. Fed Chair Jerome Powell said on Friday of the previous week that "the time has come" for rate cuts. To further that point, last week's economic data appeared to bolster those prospects. Consumer spending rose as expected in July, while the Fed's preferred inflation metric, personal consumption expenditures, unexpectedly held steady at the annual level.

Financial stocks climbed 2.9% last week, leading sector gains. Industrials rose 1.7% with materials up 1.6%. Health care, energy and utilities advanced about 1% each, while consumer staples added 0.8% and real estate edged up 0.4%.

The financial sector's gainers included shares of Jack Henry & Associates (JKHY), which rose 5.1% this week. The company maintained its quarterly dividend rate of $0.55 a share.

In industrials, shares, GE Vernova (GEV) climbed 9.7% as more analysts initiated coverage of the stock with bullish views. William Blair started its coverage of the shares at outperform, while William O'Neill issued a buy rating.

On the weekly laggard side, the technology sector fell 1.5%, communication services declined 0.7% and consumer discretionary shed 0.2%.

Super Micro Computer's (SMCI) shares tumbled 29% this week. The company said Wednesday it probably won't be able to file its annual report for the fiscal year ended June 30 on time. A day earlier, a report by short-seller Hindenburg Research alleged accounting manipulation.

The US stock market will be closed today, Monday for the Labor Day holiday. Economic data due the rest of this week includes July construction spending and factory orders, though investors will be most focused on the August employment report due out on Friday.

Newsletter
Join our mailing list for the latest news and information about insurance and investing.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.