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Market Recap
WEEK OF AUG. 5 THROUGH AUG. 9, 2024
The S&P 500 index declined only a hair last week despite the horrible start in a quiet conclusion to a volatile five-day stretch. The market benchmark ended the week at 5,344.16, a bit below last Friday's close of 5,346.56. It is now down 3.2% for the month-to-date but up 12% this year.
The slight move was a result of big day-to-day swings that came close to canceling out each other. The S&P 500 began the week with a 3% slide on Monday, marking its largest one-day loss since 2022, as recession fears ramped up in the aftermath of weaker-than-expected July jobs data. However, better-than-expected weekly jobs data helped the index jump 2.3% on Thursday, its largest one-day gain since 2022.
For more on the recent volatility and the drivers behind it please check out the piece I put together on my blog on August 11th. A link to download the article can be found at the bottom of this page.
The materials sector had the largest percentage drop this week, falling 1.7%, followed by a 1% decline in consumer discretionary and a 0.9% loss in utilities. Other decliners included health care, technology and real estate.
Decliners in the materials sector included shares of Albemarle (ALB), which shed 6.1% this week as the lithium producer reported weaker-than-expected Q2 earnings and cut its full-year guidance for specialties adjusted earnings before interest, taxes, depreciation and amortization.
In consumer discretionary, Airbnb (ABNB) shares fell 10%. The company's Q2 earnings declined more than expected as its cost base ballooned.
On the upside, industrials and energy climbed 1.2% each. Communication services and financials also rose.
Axon Enterprise (AXON) had the largest percentage increase in the industrials sector, surging 25% as the company reported Q2 results above analysts' mean estimates and boosted its full-year revenue guidance.
The energy sector's gainers included shares of ONEOK (OKE), which rose 6% as the company reported Q2 earnings above analysts' expectations and affirmed its full-year guidance.
Next week's economic data will include the July producer price index and consumer price index, in addition to readings on July retail sales, housing starts and building permits.
