Stock futures are little changed after two straight down days for S&P 500, Nasdaq

Published On Sep 4, 2024, 6:04 PM

On September 4, 2024, the U.S. stock markets experienced mixed results as concerns about the economy grew ahead of a significant labor market report. The S&P 500 and Dow Jones Industrial Average both closed lower while the Nasdaq Composite saw a slight gain. Private payroll data showed the weakest growth since 2021, raising fears of a slowing labor market, despite a drop in unemployment claims. Traders are preparing for volatility based on anticipated job data, with forecasts expecting major stock fluctuations. Positive developments included Tesla announcing plans for full self-driving software rollout in Europe and China, which boosted its stock by nearly 5%. In contrast, Frontier Communications stock fell sharply following news of its acquisition by Verizon, which caused market speculation regarding its valuation.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Positive

Given the current mixed signals in the U.S. economy and a cautious market outlook, Tesla seems like a favorable investment opportunity as it capitalizes on positive developments in autonomous driving technology.

FYBRView FYBR chart on TradingView

Negative

Frontier Communications saw a significant drop following the announcement of its acquisition by Verizon, which might lead to further declines in its stock valuation due to concerns about the acquisition price.

IWMView IWM chart on TradingView

Negative

As labor market data could result in increased volatility in the stock market, the iShares Russell 2000 ETF (IWM) is likely to experience significant price swings, making it a risky investment at this time due to the uncertainty ahead.

NVDAView NVDA chart on TradingView

Positive

Nvidia has been highlighted as a potential market leader going into Q4 due to optimistic outlooks for growth, especially in the AI and technology sector, which could positively influence its stock performance.

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