Stock Market Today: S&P 500, Nasdaq Notch Seven Days of Gains
The main indexes closed out the session and week higher as the stock market rebound continued.


Stocks opened lower Friday but climbed into positive territory by lunchtime. Investors cheered this week's encouraging economic data that showed inflation continued to cool and consumer spending remains resilient. Next up is the Jackson Hole Economic Symposium, where Fed Chair Powell will deliver a highly anticipated speech on Friday.
As for today's economic news, the University of Michigan said its Consumer Sentiment Index rose 2.1% in August vs the month prior, its first increase in five months. And while consumers' long-term expectations also rose, their views on current conditions fell to 60.9, the lowest level since December 2022.
Elsewhere, data from the Census Bureau showed housing starts fell by 6.8% in July to a lower-than-expected 1.238 million. Building permits, which tend to be a better indicator of future construction, were down 4% to 1.42 million.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
While "consumer sentiment progressed for the first month in five … construction activity plunged to depths last seen near the peak of COVID-19 in the spring of 2020," says José Torres, senior economist at Interactive Brokers. "The cross-currents have traders sitting on their hands as they await next week's central banking developments, hoping that policymakers will offer clues on the path forward."
Powell to speak at Jackson Hole
The most notable event next week will be Powell's Friday morning speech in Jackson Hole, Wyoming. "An evolution of the July FOMC language would suggest the committee is 'very close' or 'close' to the point where easing is likely to occur," says Michael Gapen, head of U.S. economics at BofA Global Research.
However, Powell could take a more dovish tone, especially following the weak July jobs report, and say that "the committee wants to avoid 'unexpected weakness' in the labor market, rather than simply responding to it after it occurs," Gapen adds.
Alphabet logs longest weekly losing streak on record
In single-stock news, Alphabet (GOOGL) shares climbed 1% Friday but still ended the week down 0.4% as concern swirled that a recent antitrust ruling against Google will result in a forced breakup.
This was the Magnificent 7 stock's sixth straight weekly decline, its longest on record.
Applied Materials, H&R Block move after earnings
Applied Materials (AMAT) fell 1.9% even after the semiconductor equipment firm disclosed higher-than-expected earnings and revenue for its fiscal Q4.
"Demand from China has been robust and acted to offset slower recovery in demand from North America, Europe, and the rest of Asia," says Argus Research analyst Jim Kelleher (Buy). "This regional shift should drive higher sales of leading-edge nodes, which we expect to result in margin expansion across the remainder of calendar 2024."
H&R Block (HRB) was another post-earnings mover, only its shares surged 12.1% after the tax provider's fiscal Q4 results beat expectations. HRB also hiked its quarterly dividend by 17% and disclosed a new $1.5 billion stock buyback plan.
As for the main indexes, the Dow Jones Industrial Average was up 0.2% at 40,659, while the Nasdaq Composite (+0.2% at 17,631) and the S&P 500 (+0.2% to 5,554) both notched a seventh consecutive day of gains.
Related content
- Warren Buffett Stocks: Analyzing the Berkshire Hathaway Portfolio
- Earnings Calendar and Analysis for This Week
- If You'd Put $1,000 Into Walmart Stock 20 Years Ago, Here's What You'd Have Today
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stagflation: What It Is and Why Retirees Should Care
Stagflation — the economic bogeyman of the 1970's — may return to the US. Here's what it could mean to your retirement.
By Donna Fuscaldo Published
-
Why Losing Your Job Could Be the Best Opportunity to Plan Your Future
Amid this uncertainty lies an opportunity for strategic reassessment and personal growth.
By Mario Hernandez Published
-
Can a New Manager Cure Vanguard Health Care Fund?
Vanguard Health Care Fund has assets of $40.5 billion but has been ailing in recent years. With a new manager in charge, what's the prognosis?
By Nellie S. Huang Published
-
What You Don't Know About Annuities Can Hurt You
Lack of awareness leads many to overlook these potent financial tools, and with the possibility of running out of money in retirement, that could really hurt.
By Ken Nuss Published
-
Three Keys to Logical Investing When Markets Are Volatile
Focusing on these market fundamentals can help investors stay grounded rather than being swayed by emotion or market hysteria.
By Dennis D. Coughlin, CFP, AIF Published
-
Yes, the Markets Are Spooked, But You Don't Have to Be
It's human nature for investors to freak out in a downturn. But with a little discipline, you can overcome the urge to sell and stay focused on long-term goals.
By Jimmy Lee, IAR Published
-
Remembering Bogle: A New Standard for Municipal Investing
Improvements in technology, data, systematic trading and risk analytics have led to more successful municipal indexing.
By Paul Malloy Published
-
Stock Market Today: Stocks Are Mixed Before Liberation Day
Markets are getting into the freewheeling rhythm of a second Trump administration.
By David Dittman Published
-
How to Invest in Sports
If it's springtime, Forbes is out with its annual list of baseball franchise values. The billions involved might make you wonder how to invest in sports.
By David Dittman Published
-
Winning Strategies for Financial Advisers as Clients' Lives Evolve
How can the wealth management industry help make life transitions easier for the adviser and the client?
By David Conti, CPRC Published