TheDrop Market Analysis, 8/21/24

Today's markets have moved consistently based on current events. This day witnessed a variety of massively consequential announcements and decisions which flowed the markets from one direction to another.

In the beginning of the day, the markets plunged as it was leaked that the U.S. Bureau of Labor Statistics falsified job reports significantly, now reporting an over 800,000 losses in jobs from March 2024, a steep decline from before. However, at the end of the day, markets bounced back after news of the Fed committing to cutting rates, but by how much remains a mystery.

Most index funds are up by small margins. The S&P 500 by 0.42%, the Dow by 0.14%, and Nasdaq by 0.57%. Initially, these index funds dropped heavily from previous highs after the job losses report, but ultimately the Fed's announcement of rate cuts far outweighed old news.

Fiverr, a relatively unknown AI company, received lots of attention today after climbing by over 2% after a new campaign promoting its AI products. Nvidia finally halts its short-lived decline from yesterday following renewed interest in its upcoming AI-driven earnings report. This renewed interest was sucked from Apple, which saw marginal decreases today. AMD continues to spike, and HP recovers brilliantly after a days-long streak of selling off by investors.

JD.com, a Chinese e-commerce company, fell by 4% today after news of Walmart selling off its stake in the company. Crude Oil falls as the markets fears of lower demand, and the heightened geopolitical tensions between Israel and Iran in the oil-rich Middle East. Macys fell by a whopping 12% today after an extremely poor earnings report indicating weaker revenues.