Stocks rise as market comeback lifts S&P 500 to best week of 2024

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Stocks rise as market comeback lifts S&P 500 to best week of 2024

JPMorgan calls recent sell-off a ‘dress rehearsal’ for what’s to come

JPMorgan believes the recent jarring market meltdown was a practice for possibly similar scenarios down the road.

“Many market participants are dismissing the recent blowup of various crowded trades as a fluke or flash cash, but we see it as more of a dress rehearsal for what’s to come,” JPMorgan strategists said in a note.

Earlier August, the Nikkei 225 index, a benchmark for ********* stocks, plunged 12.4% in one day, its worst day since “****** Monday” in 1987, triggering a domino effect globally. The sell-off was triggered by 

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, lifting rates to their highest in 15 years and unwinding of the yen “carry trade.”

The Wall Street firm believe that the carry trades could become a problem again, but with investors getting burned, they shouldn’t trigger another market meltdown. However, JPMorgan said concerns about an economic slowdown could resurface.

“Looking ahead, until the Sharpe ratios on the carry trades get high, we would not think these would be the catalyst for the next major correction,” the firm said. “Instead, we see the reemergence growth risk as the likely trigger.”

— Yun Li

Nvidia heads for best week in over a year

Nvidia shares have roared back 18% this week, following four weeks of losses.

The weekly move puts the chipmaker on pace for its best week since May 2023, when shares surged 24.6%. Shares have rallied 149% this year.

The rally in Nvidia comes on the heels of last week’s steep sell-off in technology shares after a weak July jobs report and the unwind of the yen “carry trade” spooked investors. Shares have slumped 2.3% over the last month.

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Shares over the last five days

Nvidia stock chart is at a ‘moment of truth,’ technical analyst says

Shares of Nvidia rose 0.3% on Friday morning, pushing the bellwether chip stock further above its 50-day moving average of roughly $120 per share.

Stock Chart IconStock chart icondata:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Nvidia has rebounded back above its 50-day moving average, which is at about $120 per share.

Frank Gretz, a technical analyst at Wellington Shields, pointed out in a note to clients that the stock has now rebounded to a level where there was a lot of trading earlier in the summer, potentially creating some areas of resistance in addition to the moving average.

“This is a bit of a moment of truth, so to speak. A move above the 50-day would certainly be a positive,” the note said.

— Jesse Pound

Gold climbs to intraday all-time high

Gold Bullion.

Peter M. Fisher | Corbis | Getty Images

Gold futures rose 1.4% Friday to $2,526.6, after hitting a new intraday all-time high of $2,537.5.

Week to date, gold futures are up around 2.2%, putting the commodity on pace for its third straight positive week.

The VanEck Gold Miners ETF also gained 2% on Friday and is up nearly 6% for the week.

— Hakyung Kim

Sentiment survey better than expected for August

Consumer sentiment rose more than expected in August while inflation expectations were unchanged, according to the latest

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.

The sentiment index increased to 67.8, up from 66.4 in July and better than the Dow Jones estimate for 66.6. However, the current conditions index slumped to 60.9, its lowest since December 2022, though the expectations index climbed to 72.1.

On inflation, the one- and five-year outlooks held steady at 2.9% and 3.0%, respectively.

— Jeff Cox

Stocks open lower

Stocks edged lower on Friday but were on pace to end the week higher due to a slew of positive economic data in recent days.

The S&P 500 was down 0.2%, while the Nasdaq Composite slipped 0.39%. The Dow Jones Industrial Average pulled back 61 points, or 0.33%.

— Brian Evans

Stocks are well on their way for a winning week

Traders work on the floor of the New York Stock Exchange on Aug. 14, 2024.

Spencer Platt | Getty Images

The rally on Wall Street in recent days has pushed stocks to notch a strong end to the week.

The Dow Jones Industrial Average enters Friday trading with a more than 2% advance on the week. The S&P 500 has advanced roughly 3%, while the Nasdaq Composite is up 5%.

— Brian Evans

Housing starts, permits hit lowest levels since June 2020

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hit four-year lows in July as elevated interest rates continued to squeeze the industry.

The Commerce Department reported Friday that starts totaled 1.238 million, down 6.8% from June and 16% lower than a year ago. Economists surveyed by Dow Jones had been looking for 1.34 million. Single-family starts totaled 851,000, off 14.1% from June.

On permits, which are a better leading indicator, the total of 1.396 million marked a 4% decline on the month and 7% annually. The forecast was for 1.42 million. Single-family authorizations were 938,000, down 0.1% on the month.

The totals for both starts and permits were the lowest since June 2020.

— Jeff Cox

H&R Block, Applied Materials, JD.com among stocks making biggest premarket moves

An employee holds a silicon wafer with chips etched into it as U.S. Vice President Kamala Harris, not pictured, visits Applied Materials in Sunnyvale, California, on May 22, 2023.

Jim Wilson | AFP | Getty Images

Check out the companies making headlines before the bell:

Applied Materials — The semiconductor equipment company’s shares dipped 1.8% despite posting better-than-expected third-quarter earnings. Applied Materials earned $2.12 per share, excluding items, on $6.78 billion in revenue for the *******, while analysts polled by LSEG forecast $2.02 per share in earnings and $6.67 billion in revenue.JD.com — Shares of the ******** e-commerce group added 3% after reporting a second-quarter revenue beat, driven by price cuts that attracted conscious consumers. JD.com’s second-quarter profit rose 73.7% to 9.36 yuan per share, excluding items, while analysts polled by LSEG expected 6.07 yuan per share.Estée Lauder — The beauty company slipped nearly 2% after Bank of America downgraded the stock, citing headwinds in its China market. Softening U.S. demand is also weighing upon shares, the firm added.

For the full list, read here.

— Pia Singh

Stock futures edge lower Friday after Wall Street’s rally

U.S. stock futures were slightly lower Friday before the opening bell, with investors hoping to extend this week’s rally on the heels of encouraging economic data.

Futures tied to the Dow Jones Industrial Average ticked down 26 points, or 0.06%. S&P 500 futures lost 0.1%, while Nasdaq 100 futures hovered near the flatline.

— Brian Evans

Europe stocks open higherStock Chart IconStock chart icondata:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Stoxx 600 index.

********* stock markets opened higher Friday, adding to weekly gains of more than 2% to date.

Germany’s DAX rose 0.28% as France’s CAC 40 was 0.15% higher, though the U.K.’s FTSE 100 slipped 0.15%.

— Jenni Reid

Stocks head for winning week

The three major indexes are pacing to finish the week notably higher with just Friday’s trading session left.

The S&P 500 and Nasdaq Composite have added more than 3% and 5%, respectively, on the week. Both are on track to notch their best weekly performances since November. It would also snap four-week losing streaks for each.

The Dow has advanced more than 2%, on pace for its best week since December.

— Alex Harring

See the stocks moving after hours

An H&R Block tax preparation sign is seen on ******* Avenue in the Flatbush neighborhood of Brooklyn, New York City, on Feb. 6, 2024.

Michael M. Santiago | Getty Images News | Getty Images

These are some of the stocks moving in extended trading:

H&R Block — The tax services stock climbed more than 8% after announcing a 17% dividend increase and $1.5 billion buyback.Autodesk — The design technology provider slid nearly 3% after 

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 that executives continued utilizing a sales strategy despite saying it would stop. The company also ignored risks related to the practice, according to Bloomberg’s report.

See the full list here.

— Alex Harring

Stock futures are little changed

Dow and S&P 500 futures both sat near flat shortly after 6 p.m. ET Thursday night. Nasdaq 100 futures shed about 0.1%.

— Alex Harring

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#Stocks #rise #market #comeback #lifts #week

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