Weekly Market Bullets

for the week ending 9/6/2024

• US Equity Markets dropped sharply last week with broad-based declines on fears of a weakening labor market and rising economic growth concerns. The S&P 500 stumbled 4.3% for the week to bring its gains for the year to 13.4%. The Nasdaq declined 5.8% for the week and is now up 11.2% for the year, while the Russell 2000 (small cap stocks) fell 5.7% for the week to bring its gains for the year to 3.2%.

• Global Equity Markets declined last week on poor spending data out of Asia and concerns about the impact of US economic weakness on global markets. Developed Markets dropped 2.9% for the week and are now up 6.6% for the year. Emerging Markets were down 2.3% for the week to bring its gains for the year to 5.0%.

• Weak US economic data led to notable declines in interest rates. Payroll gains for August came in at 142K, well below forecasts, while gains from the prior months of June and July were revised sharply lower. The Unemployment Rate ticked down to 4.2% from 4.3% in July. Measures of US manufacturing activity for August continues to show slowing activity. As a result, the yield on the US 10-Year Treasury dropped to 3.72% vs. 3.90% the prior week.

• After more than 2 years, the yield curve "un-inverted" last week, although just slightly. The yield on the US 2-Year Treasury closed the week at 3.66%, while the yield on the US 10-Year Treasury closed at 3.72%, a positive difference of 0.06%. The last time the difference between 10-Year and 2-Year Treasury yields was positive was in June 2022.

Market Data

for the week ending 9/6/2024