MARKET WRAP

Stocks struggled today ahead of the release of the August nonfarm payrolls report tomorrow morning.

The S&P fell 0.3% for its third straight session in the red. The Nasdaq was higher by 0.25% and the Russell 2000 fell by 0.69%.

This comes as mixed labor market signals emerged this morning, with weak private payroll growth but declining unemployment claims.

Despite recent volatility, CNBC notes that at least 38 stocks in the S&P 500 hit new highs today. Names include consumer staples like Procter & Gamble, Colgate Palmolive, and Phillip Morris. On the flip side, 7 stocks including Walgreens, Dollar General, Halliburton, and Occidental Petroleum hit new 52-week lows.

Consumer Discretionary was the top sector, driven by gains in Tesla, which was up nearly 5%.

Health Care, Industrials, and Financials were the worst-performing sectors, down 1% or more.

MRKT MATRIX: September 4, 2024

Today’s Top Stories:

• Dow falls as growth fears simmer ahead of major jobs report (CNBC)

• Trading the big jobs report: How JPMorgan sees stocks reacting to these scenarios (CNBC)

• Wall Street’s Big Bet on Jumbo Fed Cuts Hangs on US Jobs Report (Bloomberg)

• Why oil's getting cheaper (Axios)

• JPMorgan Abandons Recommendation to Buy China Stocks Ahead of US Election (Bloomberg)

• Bank of America says Nvidia is a buy, near the cheapest in 5 years (CNBC)

• Amazon-backed Anthropic rolls out Claude AI for big business (CNBC)

• AI breakthrough raises hopes for better cancer diagnosis (FT)

• Delta, Other Airline Loyalty Programs Are Being Probed by US (Bloomberg)

Today’s MRKT Call is Presented by FactSet

How to Protect Your Portfolio From Volatility

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, September 5th.

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