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Today, enjoy the On the Margin newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the On the Margin newsletter. Welcome to the On the Margin Newsletter, brought to you by Ben Strack and Casey Wagner. Here’s what you’ll find in today’s edition: Breaking down stocks’ wild week that is seeing prices end…right where they began.  A look at MicroStrategy’s stock split, and how much it matters. What the economic data from this week means for markets.  Full-circle moment for stocks  After all the excitement this week, stocks are poised to end pretty much exactly where they began.  The S&P 500 on Friday morning opened just 32 points below its closing level last week, when the jobs report-fueled selloff began. The index is now trading 3 points below Aug. 2’s close as of 2 pm ET.  The Nasdaq Composite similarly opened on Friday around 0.8% lower than its Aug. 2 close — but by 2 pm ET was trading almost the same as where it closed last week.  So what happened? First, let’s rewind to what caused the selloff.  Last week’s distressing July jobs report coincided with a series of disappointing earnings reports from Big Tech companies. Plus, there was a massive drop in Japanese markets as the popular yen carry trade started to unwind.  Couple all that with the Sahm figure flashing red (don’t worry, it may not be as bad as it sounds) and it was, by most accounts, a perfect storm. No wonder stocks have started out August in the red.  Now, things are looking up. At least for now.   For starters, we got some encouraging data this week. More on that below, but the gist is that investors’ concerns about the labor market appear to have eased since Thursday’s initial jobless claims…

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Filed under: News - @ August 9, 2024 9:12 pm