Stock Market Update

07-Oct-24 15:20 ET

Consumer credit increases in August

Dow -395.12 at 41957.63, Nasdaq -184.96 at 17952.89, S&P -49.56 at 5701.51

[BRIEFING.COM] The major indices turned lower in recent trading, reaching fresh session lows.

Consumer credit increased by $8.9 billion in August (Briefing.com consensus $12.7 billion) after increasing a revised $26.7 billion (from $25.5 billion) in July.

The key takeaway from the report is that revolving credit decreased, suggesting the presence of increased caution among consumers.

The 10-yr yield settled five basis points higher at 4.03% and the 2-yr yield settled seven basis points higher at 4.00%.

Looking ahead, market participants will receive the following data tomorrow:

6:00 ET: September NFIB Small Business Optimism (prior 91.2)
8:30 ET: August Trade Balance (Briefing.com consensus -$71.3 bln; prior -$78.8 bln)