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Economic News August 05, 2024

5 thg 8, 2024

U.S. Stock Market Situation on August 2

The U.S. stock market sharply declined on Friday as the July jobs report fell below expectations, further reinforcing the risk of an economic recession in the U.S. Specifically, the S&P 500 index fell by 1.84%, down to 5,346.56 points. The Nasdaq index decreased by 2.43%, to 16,776.16 points. The Dow Jones index dropped by 1.51%, to 39,737.26 points.


U.S. Treasury Bond Situation on August 4

The 10-year U.S. Treasury bond yield continued its sharp decline, dropping to 3.789%.


Dollar Index Situation

The Dollar Index started the new week at 103.22 points.


Gold Situation

The global gold price today showed an upward trend, with spot gold rising by $2.3 from last week's closing level, reaching $2,446.4 per ounce.


Commodity Market Situation

At the end of last Friday's trading session, oil prices continued to decline by 2%, despite low U.S. inventory levels. Specifically, Brent oil prices fell by $1.71, or 2%, to $83.2 per barrel. Similarly, WTI oil prices decreased by $1.88, or 2.3%, to $79.49 per barrel.

Source: Multiple sources

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Copper prices also moved higher amid concerns that the metal could become the next target in the ongoing trade war.

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Powell emphasized that the Fed is in no rush to ease monetary policy, citing a strong economy and a solid labor market.

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Global aluminum trade is also expected to adjust accordingly.

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