Global Market Overview: Decline in Major Indices on September 4, 2024 {update}

The S&P 500 also witnessed a sharp decline, dropping by 119.47 points, which is a 2.12% decrease, to settle at 5,528.93. The index had a high of 5,623.89 and a low of 5,520.94. The YTD performance remains strong at 15.91%, indicating a “Bullish” technical rating.

The Nasdaq saw the most significant drop among the U.S. indices, losing 577.33 points or 3.26%, to close at 17,136.30. It reached a high of 17,585.45 and a low of 17,123.97 during the session. Despite the decline, the Nasdaq holds a “Neutral” technical rating with a YTD gain of 14.16%.

European Markets: Modest Losses

European markets followed suit with minor losses. The FTSE in London dropped by 65.38 points or 0.79%, ending the day at 8,298.46. The index touched a high of 8,380.98 and a low of 8,286.60. The YTD performance stands at 7.47%, with a “Bullish” technical rating.

The CAC in France decreased by 71.32 points or 0.94%, closing at 7,575.10. The index fluctuated between a high of 7,671.53 and a low of 7,564.99, showing cautious trading. Despite the loss, the CAC maintains a YTD performance of 0.59% and a “Bullish” technical rating.

Germany’s DAX index also recorded a decline, losing 183.74 points or 0.98%, to close at 18,747.11. The index reached a high of 18,990.78 and a low of 18,728.46. The DAX’s YTD performance is positive at 11.79%, earning it a “Very Bullish” technical rating.

Asian Markets: Mixed Performances

In Asia, markets showed mixed results, with significant losses in some indices and stability in others. The GIFT NIFTY in India dropped by 191.00 points or 0.75%, closing at 25,171.50. The index reached a high of 25,197.00 and a low of 25,153.50. The YTD performance is strong at 15.23%.

Japan’s Nikkei 225 suffered a substantial loss of 1,258.89 points, or 3.25%, closing at 37,427.42. The index fluctuated between a high of 38,080.02 and a low of 37,122.33, reflecting significant investor uncertainty. Despite the loss, the Nikkei holds a YTD gain of 12.43% with a “Neutral” technical rating.

The Straits Times in Singapore decreased by 62.49 points or 1.80%, closing at 3,417.85. The index had a high of 3,429.48 and a low of 3,412.47. The YTD performance remains positive at 5.82%, and the technical rating is “Very Bullish.”

Hong Kong’s Hang Seng index fell by 176.75 points or 1.00%, closing at 17,474.74. The index remained within a narrow range, with both the high and low at 17,474.74. Despite the loss, the Hang Seng’s YTD performance is at 4.09%, with a “Bullish” rating.

The Taiwan Weighted index experienced a significant drop of 894.04 points or 4.05%, closing at 21,198.17. The index’s performance was affected by concerns over economic growth, leading to a “Bearish” technical rating, despite a YTD gain of 18.73%.

Commodities: Stable with Minor Changes

In the commodities market, Brent Crude slightly decreased by 0.31 points or 0.42%, closing at $73.36 per barrel. The YTD performance is negative at -4.83%, earning a “Very Bearish” technical rating.

Gold remained stable with a slight increase of 0.70 points or 0.03%, closing at $2,493.98. The precious metal continues to hold a “Very Bullish” rating, with a YTD gain of 20.90%.

Crude Oil also saw a minor decline of 0.32 points or 0.45%, closing at $69.90. The YTD performance is slightly negative at -2.44%, with a “Very Bearish” technical rating.

Currencies: Minor Fluctuations

The Dollar Index fell by 0.02 points or 0.02%, closing at 101.6800. The currency market remained relatively stable, with minor fluctuations across various pairs.

Overall, September 4, 2024, marked a day of mixed performances across global markets, with notable declines in major indices due to economic concerns and investor caution. The market sentiment remains varied, with some indices showing resilience while others face downward pressure.