Daily Chart Report 📈 Friday, September 6, 2024

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Today’s Summary

Thursday, September 6, 2024
 

Indices:  Dow -1.01% | S&P 500 -1.73% | Russell 2000 -1.91% | Nasdaq -2.69%

Sectors: None of the 11 sectors closed higher. Real Estate led but was unchanged  (0.00%). Tech lagged, falling -2.59%. 

Commodities: Crude Oil futures dropped -2.14% to a 52-week low of $67.67 per barrel. Gold futures fell -0.73% to $2,525 per oz.
 
Currencies: The US Dollar Index rose +0.13% to $101.19.

Crypto: Bitcoin dropped -3.92% to a six-month low of $53,955. Ethereum dropped -6.05% to a seven-month low of $2,224.

Volatility: The Volatility Index jumped +12.47% to 22.37.

Interest Rates: The US 10-year Treasury yield fell to a 52-week low of 3.712%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche).

• The S&P 500 dropped -4.3% this week, marking its worst week since the bank crisis in March 2023. Meanwhile, the Nasdaq had its worst week since the bear market lows of October 2022, dropping -5.9%. 
   
• While the S&P 500 is only -4.5% off record highs, the Nasdaq is down twice as much (-10.9%). The weakness is appearing right on time, as September has notoriously been the worst month for stocks.
   
• Willie points out that the largest sector of the S&P 500, Technology ($XLK), had its worst week since the pandemic, dropping -7.5%. With Bonds and defensive sectors catching a bid, this is a clear flight to safety. 

Takeaway: It was a short week with the holiday on Monday, but it was still one of the worst weeks for stocks since the bull market began. The S&P 500 is less than -5% off record highs, but it's a problem that the largest and strongest areas, like Tech and Semis, are leading the decline. 

Quote of the Day

"If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it’s coming in, it’ll never happen. The market is always right."

– Ed Seykota