On Friday, the Dow Jones Industrial Average surged by 228.03 points, marking a 0.55% gain and closing at a new record high of 41,563.08. This performance capped off a volatile month, demonstrating the resilience of the U.S. stock market despite earlier turbulence. The S&P 500 also saw a strong performance, rising 1.01% to 5,648.40, marking its fourth consecutive month of gains. The tech-heavy Nasdaq Composite advanced 1.13%, closing at 17,713.62.
Monthly Overview
Despite challenges, the major indices showed notable gains in August:
- S&P 500: +2.3% for the month, continuing its upward trajectory.
- Dow Jones: +1.8%, reflecting solid performance across sectors.
- Nasdaq Composite: +0.7%, supported by the technology sector.
These gains were driven by strength in key sectors, including consumer staples, real estate, and healthcare, which helped lift the overall market sentiment.
Market Challenges and Recovery
The beginning of August was tough for the markets, with significant sell-offs:
- S&P 500: Dropped by as much as 7.3% before recovering.
- Dow Jones: Fell 5.4%.
- Nasdaq Composite: Declined 10.7%.
However, renewed investor optimism and stabilization in critical sectors enabled a recovery, culminating in a positive close for the month.
Inflation and Federal Reserve Outlook
The Personal Consumption Expenditures (PCE) Price Index, a key measure of inflation closely monitored by the Federal Reserve, rose 0.2% month-over-month and 2.5% year-over-year in July. These figures aligned with economists’ expectations. Core inflation, excluding food and energy, also saw a 0.2% increase.
These inflation data will likely influence the Federal Reserve’s upcoming decisions on interest rates. The central bank is expected to carefully evaluate economic and inflation trends ahead of its September meeting. Given the stable economic outlook and resilient markets, investors are hopeful for continued positive momentum in the months ahead.
Best Buy Outlook
Bank of America has maintained a cautious stance on Best Buy ahead of its Q2 earnings report. Analyst Robert Ohmes highlighted short-term challenges, including a discretionary market, increased promotions in the appliance category, and margin pressures. Despite a year-to-date stock increase of around 13%, the price target of $70 implies a potential downside of over 21%. Concerns also extend to weak performance in gaming, appliances, and home theater sectors, which could limit gains in the computing sector.
Closing Market Figures for August 30, 2024
- DOW Jones: +0.55% at 41,563.08
- S&P 500: +1.01% at 5,648.40
- NASDAQ Composite: +1.13% at 17,713.62
FAQs
The Dow Jones Industrial Average fell 610.71 points, or 1.5%, to 39,737.26. The Nasdaq composite fell 417.98 points, or 2.4%, to 16,776.16.
What stocks are driving the Dow today? ›
Dow 30 Chart
| SYMBOL | NAME | %CHANGE |
|---|
| PG | Procter & Gamble Co | +0.07 |
| TRV | Travelers Companies Inc | +1.13 |
| UNH | Unitedhealth Group Inc | +0.23 |
| CRM | Salesforce Inc | -0.87 |
26 more rowsUS Markets
| SYMBOL | PRICE | %CHANGE |
|---|
| DJIA | 40,345.41 | -1.01 |
| NASDAQ | 16,690.83 | -2.55 |
| S&P 500 | 5,408.42 | -1.73 |
| *GOLD | 2,526.8 | -0.64 |
4 more rowsThe updated Dow Jones price prediction for the next 5 years is for the index to trade around 40,600 points. Long Forecast predicts Dow Jones to trade above 40,000 points in the second half of 2024 and and advance up to 44,000 points by the end of the year.
What was the stock market on August 2nd? ›
The Dow Jones Industrial Average (DJI) fell 1.2% or 494.82 points to close at 40,347.97. Notably, 21 components of the 30-stock index ended in negative territory, while 9 ended in positive zone. The tech-heavy Nasdaq Composite declined 405.25 points, or 2.3%, to close at 17,194.15.
What is the Dow Jones year to date return? ›
Performance
| 5 Day | 1.71% |
|---|
| 1 Month | 1.54% |
| 3 Month | 7.09% |
| YTD | 10.18% |
| 1 Year | 19.94% |
Stocks
| Symbol | Price | Change |
|---|
| RTO Rentokil Initial plc | 24.94 -6.66 (-21.06%) | -6.66 |
| GME GameStop Corp. | 20.64 -2.81 (-11.98%) | -2.81 |
| DJTWW Trump Media & Technology Group Corp. | 11.19 -1.36 (-10.80%) | -1.36 |
| DJT Trump Media & Technology Group Corp. | 16.68 -1.95 (-10.47%) | -1.95 |
21 more rowsLargest dow jones companies by market cap
| # | Name | M. Cap |
|---|
| 1 | Apple 1AAPL | $3.376 T |
| 2 | Microsoft 2MSFT | $3.124 T |
| 3 | Amazon 3AMZN | $1.938 T |
| 4 | Walmart 4WMT | $636.70 B |
27 more rowsMarkets in the United States open at 9:30 AM and close at 4 PM Eastern Time, resulting in a more active trading period for the Dow Jones Industrial Average and its constituents.
Which US stocks will go up today? ›
Stocks
| Symbol | Price | Change % |
|---|
| ALHC Alignment Healthcare, Inc. | 10.75 +1.75 (+19.44%) | +19.44% |
| OSCR Oscar Health, Inc. | 20.67 +3.25 (+18.66%) | +18.66% |
| FSLR First Solar, Inc. | 239.84 +31.62 (+15.19%) | +15.19% |
| GPCR Structure Therapeutics Inc. | 39.64 +5.22 (+15.17%) | +15.17% |
21 more rowsThe MSCI World index has the US at 69% of the total value of global stock market. This fluctuates a small amount over time but is consistently in the same area. With this being the case, many experts argue that all investors should have at least some money in US stocks. The only real question is how much.
What stocks are up today? ›
Today's hot stocks
- NVDA. 119.10. - 0.04. 0.03% 238M. 39.23140.76.
- NIO. 5.55. + 0.27. 5.11% 64M. 3.6110.72.
- TSLA. 230.29. + 0.48. 0.21% 60M. 138.80278.98.
- WBD. 8.49. + 0.83. 10.84% 58M. 6.6412.70.
- OPEN. 2.27. + 0.08. 3.65% 58M. 1.584.89.
- SMX. 5.95. + 3.50. 142.86% 50M. 2.04285.00.
- PLTR. 35.59. + 0.68. 1.95% 50M. 13.6836.01.
- SOFI. 7.74. + 0.28. 3.75% 45M.
In 2024, the Dow Jones rate is expected to trade between $37,000 and $38,000. Bank experts predict that corporate income will remain at the same level, which will support stocks during a recession. In addition, earnings growth shortfalls and minimal equity risk premiums are the main constraints on the index's growth.
Is the Dow a buy sell or hold? ›
Dow Inc's analyst rating consensus is a Hold. This is based on the ratings of 14 Wall Streets Analysts.
What is the Buffett indicator of the Dow Jones? ›
This indicator, named after renowned investor Warren Buffett, is often used to gauge whether the stock market is overvalued or undervalued. A ratio above 100% generally indicates that the stock market is valued higher than the economy's current output.
What is the Dow Jones return over 30 years? ›
The average stock market return for the last 5 years was 11.33% (7.28% when adjusted for inflation), for the last 10 years it was 12.39% (9.48% when adjusted for inflation), for the last 20 years it was 9.75% (7.03% when adjusted for inflation), and for the last 30 years it was 9.90% (7.22% when adjusted for inflation) ...
Where will the Dow Jones be in 2027? ›
Dow Jones Forecast For 2027 And 2028
| Month | Open | Low-High |
|---|
| 2027 |
| Jan | 55519 | 53236-61250 |
| Feb | 57243 | 54336-62516 |
| Mar | 58426 | 52052-59888 |
24 more rowsNEW YORK, Sept 6 (Reuters) - U.S. stocks fell on Friday, weighed down by a jobs report that showed a continued labor market slowdown but left traders uncertain about how far the Federal Reserve will go in cutting interest rates.
Why is Amazon stock down? ›
A sales miss and disappointing guidance were driving Amazon's share price drop. Analysts were expecting sales for the quarter ending in June to hit $148.7 billion, but they only came in at $148.0 billon.
