Market Brief 06 September, 2024

Good evening, investors and traders! Today, the market experienced a downturn, with the S&P 500 Index (GSPC) closing down by 1.69% at 5,410.13 and the Nasdaq 100 Index (NDX) closing down by 2.68% at 18,423.66. The Fed's Goolsbee stated that the trend of economic data justifies multiple rate cuts, starting soon, which could potentially boost the market. The U.S. economy added fewer jobs than expected in August, boosting the case for a big Fed rate cut, and the Fed's Williams said it is now appropriate to lower interest rates. The U.S. stocks tumbled, with the VIX spiking as the S&P 500 headed for its worst week since April. The crypto market also experienced a decline, with Bitcoin dropping below $54,000 and Ethereum dipping below $2,300.