S&P 500 closes at new record high, recovering from an earlier dip

Dow Jones and Nasdaq post gains alongside the S&P 500 for September and Q3

By Nadia Elbilassy | @Nadia Elbilassy | 1 October 2024

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Market close
  • Investors eye upcoming JOLTS report and ISM Manufacturing PMI.

  • Dollar strengthens after Powell's NABE remarks; euro and yen weaken.

  • U.S. stock futures edged down as investors braced for key economic reports this week

Futures

U.S. stock futures edged down as investors braced for key economic reports this week, with job openings and manufacturing data taking center stage today. Meanwhile, markets were also weighing Federal Reserve Chair Jerome Powell's recent remarks, indicating the central bank is in no hurry to cut interest rates.

The S&P 500 closed at a new record high on Monday, bouncing back from an earlier dip caused by Powell's remarks that the Fed is not rushing to implement further rate cuts after last month's significant 50-basis-point reduction.

The Dow Jones Industrial Average reached a fresh all-time high, All three major U.S. indices posted gains for both September and the third quarter.J

Currencies

The dollar gained strength, especially following Powell's speech at the NABE conference, though the movement remained modest and stayed within its recent trading range.

The euro continued to drop after briefly moving above the 1.1200 level. Q2 GDP data weighed on the British pound although it managed to eventually close flat, marking its third straight monthly gain.

Meanwhile, the yen weakened against the dollar, with USD/JPY hitting the 143.00 level.

To watch

Markets will be watching labor market data set for later today, where the Job Openings and Labor Turnover Survey (JOLTS) is anticipated to reveal 7.64 million available positions for August. This would represent a slight dip from July’s figure of 7.673 million, the lowest in three and a half years.

And in the manufacturing side of things, the ISM Manufacturing PMI is expected to show a slight improvement rising to 47.6 from Augusts 47.2 though it remains below the 50-point threshold that distinguishes contraction from expansion.

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