Stock Market Update

07-Aug-24 15:35 ET

Stocks move sideways near lows

Dow -98.98 at 38898.68, Nasdaq -64.03 at 16302.83, S&P -12.28 at 5227.75

[BRIEFING.COM] The market trades just above session lows heading into the close.

Consumer credit increased by $8.9 billion in June (Briefing.com consensus $10.0 billion) after increasing an upwardly revised $14.0 billion (from $11.3 billion) in May.

The key takeaway from the report is that revolving credit decreased after jumping to a fresh record in May, pointing to some newfound caution among consumers.

Looking ahead to Thursday, market participants will receive the following data:

8:30 ET: Weekly Initial Claims (Briefing.com consensus 242,000; prior 249,000) and Continuing Claims (prior 1.877 mln)
10:00 ET: June Wholesale Inventories (Briefing.com consensus 0.2%; prior 0.6%)
10:30 ET: Weekly natural gas inventories (prior +18 bcf)