Market Update for Week 32

Market Recap

WEEK OF AUG. 5 THROUGH AUG. 9, 2024

The S&P 500 index declined modestly this week 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. Better-than-expected weekly jobs data may have helped the index jump 2.3% on Thursday, its largest one-day gain since 2022.

Sectors

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.

Bond Update

New inflation data this week will go a long way toward the Fed's decision in their September meeting, but for now there has not been much change here,

Up Next

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.