Nasdaq 100 and S&P 500: Geopolitical Tensions and Jobs Data Set the Stage for Volatility
Despite this, the broader market remains under pressure. The S&P 500 and Dow are both down 0.7% week-to-date, while the Nasdaq has lost 1.1% over the same period. All three indexes are on pace to snap a three-week winning streak, reflecting investor uncertainty in light of the ongoing geopolitical and macroeconomic headwinds.
Positive News from Labor Strike Resolution
Amid the uncertainty, there was a piece of good news for the U.S. economy. The longshoremen’s port strike, which began earlier this week, ended on Thursday night after a tentative wage agreement was reached between the International Longshoremen’s Association and the United States Maritime Alliance. The two parties also extended their existing contract until January 2025 to allow time for further negotiations, avoiding further disruptions in critical supply chains.
Spirit Airlines Faces Financial Turbulence
In corporate news, Spirit Airlines saw its stock plummet 24% in after-hours trading on Thursday following reports that the company is considering Chapter 11 bankruptcy. The Wall Street Journal, citing anonymous sources, reported that Spirit is in talks with bondholders as it struggles to reorganize its finances. The budget airline has faced significant challenges in 2024, with its stock down over 86% year-to-date, following a failed merger with JetBlue Airways in March.