Market Pulls Back From After Eyeing Records | Wall Street Today
After opening to a green, ninth session of gains, the market pulled away from all-time highs. If the S&P 500 closed higher, it would be its longest winning streak for the year, but shortly after the 4 pm ET close, the index $S&P 500 Index (.SPX.US)$ was falling back 0.20%. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.15%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.33%.
MACRO
Investors are digesting comments made during the Democratic National Committee, where the Harris campaign made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate from 7% to 28%.
Federal Reserve Governor Michelle Bowman spoke Tuesday and largely repeated her comments from a speech on Aug. 10, saying she will "remain cautious" when considering changes to the current monetary policy stance as inflation remains elevated, adding that she will monitor incoming data as part of the decision-making process.
Investors await macroeconomic data like Oil Inventories on Wednesday and existing home sales S&P PMI data on Thursday. Really, the market is waiting for Powell's speech in macroeconomics at Jackson Hole this Friday at 10 am ET; catch it live on moomoo with our broadcast and commentary.
SECTORS
Oil futures fell Tuesday, dropping to a fresh two-week low. According to MarketWatch, prices are still falling on worries about a slowdown in global energy demand and risk-off sentiment in the U.S. market.
Hopes for a cease-fire between Israel and Hamas and concerns over Chinese demand also contributed to the weakness in oil Tuesday, as the September contracts for U.S. benchmark oil futures went off the board.
MOOVERS
Netflix closed at an all-time high Tuesday after the firm reported a 150% increase in ad commitments from last years. The stock $Netflix (NFLX.US)$ climbed to $698.54 by the close, its highest since 2021.
$Lowe's Companies (LOW.US)$ fell a bit on Tuesday after reporting lower Q2 sales, citing weaker consumer demand for big ticket items. They also blamed bad weather, according to MarketWatch.
$Eli Lilly and Co (LLY.US)$ climbed about 3% after a three-year medical trial studying Mounjaro found it significantly decreased the risk of progressing from pre-diabetes and obesity towards type 2. The risk dropped by 94%, according to the study.
AST SpaceMobile Inc $AST SpaceMobile (ASTS.US)$ shares pulled back Tuesday following a price surge after the company reported Q2 results and announced that it's on track to launch five satellites in early September. It was one of the most popular stocks on moomoo.
$Palo Alto Networks (PANW.US)$ was trending Tuesday morning, gaining 7% as the highest-reaching stock on the S&P 500 after the firm reported fourth-quarter earnings Monday night and revenue that topped Wall Street targets. It climbed after feeling the positivity of multiple analyst upgrades and price adjustments.
$Boeing (BA.US)$ fell 4%, the lowest on the Dow Jones Industrial Average, after the firm grounded its 777X jetliner test flights after finding cracks in the plane.
Investors are watching for a few retail-focused firms and tech companies this week. $Target (TGT.US)$ comes on on Wednesday alongside $Zoom Video Communications (ZM.US)$ and $Snowflake (SNOW.US)$ Wednesday. $Intuit (INTU.US)$ , $CAVA Group (CAVA.US)$ and $The Toronto-Dominion Bank (TD.US)$ are set to annoucne Thursday.
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Word from the herd: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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