| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 39737.26 | -610.71 | -1.51% |
| S&P 500 | 5346.56 | -100.12 | -1.84% |
| Nasdaq | 16776.16 | -417.98 | -2.43% |
| VIX | 23.39 | 4.80 | 25.82% |
| Gold | 2486.00 | 16.20 | 0.63% |
| Oil | 74.01 | 0.49 | 0.67% |
US MARKET
U.S. stocks declined after a disappointing July jobs report and lackluster corporate earnings.
The DJIA dropped 1.5% to 39,737, the Nasdaq decreased by 2.4% to 16,776, and the S&P 500 fell 1.8% to 5,347.
Notably, Intel announced a 26% decrease following plans to lay off over 15,000 employees, and Prudential’s stock fell 10% after missing earnings expectations.
The Russell 2000 dropped 3.5% to 2,109. Economic concerns were heightened by the jobs data revealing slower employment growth and an increase in the unemployment rate to 4.3%, the highest since 2021.
Markets reacted, anticipating deeper Federal Reserve rate cuts, with futures suggesting a significant chance of a half-point cut in September. Meanwhile, Rocket’s shares surged 12% amid falling Treasury yields, potentially reducing mortgage rates.
LOCAL MARKET
The Australian share market plunged, with the S&P/ASX200 index recording its worst day in 16 months by falling 2.1% to 7,943.2 after weak U.S. economic data.
Despite this, the ASX200 posted a slight weekly gain of 0.28%. Market concerns were fueled by signs the U.S. might be late in its business cycle, leading to a sell-off across almost all sectors, with only 15 of the 200 ASX companies finishing higher.
The Australian dollar remained stable, and interest rates are expected to hold at the upcoming Reserve Bank meeting.