Stock Market Today: Analyzing the Impacts of PCE Inflation on Major Tech Stocks
Friday, 30 August 2024, 12:03
Market Performance Overview
The stock market today illustrates a mixed bag of performance across major indexes. The Dow was down 36 points, or 0.1%, while the S&P 500 and Nasdaq Composite saw modest gains of 0.3% and 0.4%, respectively.
Tech Stocks Under Pressure
- Salesforce faced a 1.9% decline, impacting the Dow significantly.
- UnitedHealth Group also contributed to the Dow's lag with a 0.7% drop.
Economic Data Influence
Today's market behavior is influenced by upcoming economic indicators, including the PCE inflation report and July's employment data. Historically, the S&P 500 has shown resilience after Labor Day, recording gains in 70% of years since 1971.
Looking Ahead
- The Fed is steering the economy towards a soft landing.
- The upcoming ISM manufacturing survey may set market directions.
- Technology stocks remain a focal point for investors amid potential challenges.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.