Market Drama
Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA
November 4th, 2024
Welcome to this week’s Market Drama!
Stock Market Updates
- The S&P 500 was down 1.4% for the week, up 20.1% for the year.
Nasdaq was down 1.5% for the week, up 21.5% for the year.
What Drove The Market?
The second consecutive week of market sell-offs was driven by:
- Volatility ahead of elections next week. Treasury yields continued to rise this week, reflecting market concerns over the elections.
- On Friday, the Labor Department reported Non-Farm Payrolls:
- Results were essentially unchanged month over month.
- Job growth was lower than anticipated, largely due to labor strikes at Boeing and the impact of Hurricanes Helene and Milton.
Earnings
Some big tech companies, including Microsoft and Facebook, reported earnings.
- They performed well in terms of current earnings.
- However, concerns arose over lowered guidance for next year’s earnings and increased capital expenditures, specifically in AI. The market is assessing how effectively this spending will yield future earnings.
Coming Up Next Week:
- Tuesday: Elections.
- Wednesday: Federal Reserve Meeting.
Stay tuned for next week.
– Andres
Disclosure: This material provided by Zoe Financial is for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Nothing in these materials is intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Zoe Financial is not an accounting firm- clients and prospective clients should consult with their tax professional regarding their specific tax situation. Opinions expressed by Zoe Financial are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from sources believed to be reliable. Zoe Financial, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source.