Stock Market News, Sept. 6, 2024: Dow, S&P 500 Close Lower After Fresh Economic Data

U.S. stocks closed lower on Friday, September 6th, as investors digested a fresh batch of economic data. The Dow Jones Industrial Average (DJIA) fell 0.5%, the S&P 500 Index (SPX) declined 0.3%, and the Nasdaq Composite (COMP) lost 0.2%.

Key Economic Data

The day’s economic news included:

• August Employment Report: The Bureau of Labor Statistics released the August employment report, showing that the U.S. economy added 142,000 jobs, below expectations of 161,000 new jobs. The unemployment rate remained unchanged at 3.8%.
• ADP Employment Report: Earlier in the week, the ADP National Employment Report showed that private-sector payrolls rose by 99,000 jobs in August, also missing estimates of 130,000 new jobs.

Market Reaction

Investors were disappointed by the weaker-than-expected employment data, which raised concerns about the strength of the U.S. economy. The Federal Reserve has indicated that it is closely monitoring the labor market to assess the need for further interest rate cuts.

Market Outlook

The market remains focused on the ongoing trade tensions between the United States and China, as well as the global economic outlook. Investors will also be watching for any signs of a slowdown in corporate earnings growth.

For more information on the stock market and investing, please visit the following resources:

• The Wall Street Journal: https://www.wsj.com/
• The New York Times: https://www.nytimes.com/
• CNBC: https://www.cnbc.com/
• Bloomberg: https://www.bloomberg.com/

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should consult with a qualified financial advisor before making any investment decisions.

Source