August 2024 Market Commentary: Volatility

On August 5th, US equity markets faced a significant selloff, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average dropping by 3%, 3.4%, and 2.6% respectively. Key factors include the August 2nd jobs report, Japan’s carry-trade, and cooling interest in artificial intelligence. Despite a drop in inflation to 2.5%, rising unemployment from 3.7% to 4.3% is causing concern about the economy’s direction. The Federal Reserve’s next move is uncertain, but upcoming data could provide insights.

Market Commentary and review provided by Peter W. Tuz, CFA, CFP®, President & Director, Portfolio Manager, Chase Investment Counsel.

Read the full Market Commentary.