Slight Pullback in Stock Market as Trading Begins

The US stock market is a little lower than it was yesterday, and it could move lower after new economic data releases.

Timothy St. John•Friday, June 7, 2024•2 min read

Stock market rally expected to stretch further

We are seeing a small drop in trading for the major stock market indices today compared to yesterday, with the Nasdaq Composite down by 0.15% today.

The S&P 500 is trading flat with yesterday at the moment, but that could quickly change. The Dow Jones is the only major index up today, with an increase of 0.23%. This week, that has been the index that has stayed low, so it is getting some attention now as the last day of trading for the week commences.

Economic Data Will Move the Market

There are several key economic reports to be released today. We will be seeing the unemployment rate numbers, which are expected to stay about the same. Average Hourly Earnings will be reported as well, which is a major inflation data point that indicates if wages are being inflated in order to compensate for higher inflation.

One FOMC member will be speaking later today. That’s economist Lisa Cook, who should shed a little more light on the state of the US economy and how inflation and other factors will affect the Federal reserve’s outlook and their stance on interest rate cuts.

The markets will have the weekend to chew through this data and decide how to start trading on Monday as a result. We could see a very different looking market at the start of next week after all these reports coming in as well as others that are scheduled for today.

Stocks to Watch

A few stocks are making big waves today, including GameStop (GME), which surged again following a livestream from the meme stock champion who goes by the name Roaring Kitty.

Nvidia (NVDA) is still high even after falling today by 1.59%. This elevated AI stock has grown substantially this year and recently hit its high for 2024.

Starbucks stock is up by 1.29% today and could go even higher on the news that it is partnering with GrubHub to deliver orders to Starbucks customers.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.