Stock Market Update

03-Sep-24 15:35 ET

Stocks decline in front of close; Treasuries settle higher on growth fears

Dow -660.80 at 40902.28, Nasdaq -587.89 at 17125.72, S&P -123.00 at 5525.40

[BRIEFING.COM] Stocks continue to slide, sending the major indices to fresh lows in front of the close.

Treasuries settled higher due to renewed concerns about growth after China's Manufacturing PMI for August, which was released on Friday night, showed a deepening contraction. This morning's release of the ISM Manufacturing Index for August showed improvement, but not as much as expected, adding to the market's growth worries. The 10-yr note yield fell seven basis points to 3.84% and the 2-yr note yield settled four basis points lower at 3.89%.

Wednesday's economic lineup features:

7:00 ET: Weekly MBA Mortgage Index (prior 0.5%)
8:30 ET: July Trade Balance (Briefing.com consensus -$78.5 bln; prior -$73.1 bln)
10:00 ET: July Factory Orders (Briefing.com consensus 4.5%; prior -3.3%) and July job openings (prior 8.184 mln)