🚀 US stocks look to bounce from worst week of 2024

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The S&P 500 fell 1.73% on Friday, marking its worst week since March 2023, as tech stocks tumbled and investors digested weak August jobs data. The Nasdaq Composite shed 2.55%, and the Dow dropped 1.01%, with concerns over a slowing U.S. economy driving the declines. Amazon, Alphabet, and Meta all saw significant losses, while semiconductor stocks like Broadcom and Nvidia dropped sharply. The August nonfarm payrolls came in below expectations at 142,000, fueling speculation that the Federal Reserve may cut interest rates more aggressively at its upcoming meeting.

2. Vice President Kamala Harris has proposed raising the long-term capital gains tax to 28% for households earning more than $1 million annually, lower than President Biden's proposed 39.6%. This move would impact top earners, especially those selling businesses or properties, but advisors caution against making immediate changes before the law passes. Currently, long-term capital gains are taxed at 0%, 15%, or 20%, with an additional 3.8% net investment income tax (NIIT), which Harris aims to increase to 5%. This follows a move in Canada where the effective capital gains for those earning over $200k was increased from 25% to 33%. The move prompted a mass panic to sell assets in Canada, especially for those approaching retirement.

3. Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199. *

4. Headlines

   1. Dell and Palantir will both be joining the S&P 500.

   2. The leaders of 88 major companies in the US have jointly endorsed Kamala Harris.

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