Nasdaq -1.68%, Market Falling to Holding Pattern Before Jackson Hole | Wall Street Today
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Nine S&P 500 sectors were in decline Thursday, despite a market open that sent equities within striking distance of record highs.
Just past the 4 pm ET the $S&P 500 Index (.SPX.US)$ fell 0.89%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.43%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 1.67%.
MACRO
Thursday, U.S. Initial Jobless claims showed that about 232k Americans were newly unemployed, around the forecast and the year average of 220k. Existing home sales came in at 3.95M for July, right around last month's 3.9M. S&P PMI came in slightly higher at 55.2 on Thursday.
Wednesday, FOMC meeting minutes from July showed most top Federal Reserve officials believed they should cut interest rates in September if inflation continued to slow and the labor market got any weaker.
"The majority overserved that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the minutes of the Fed's July 30-31 meeting said. "Several" Fed officials even said they would have supported a rate cut at the July meeting.
Investors are digesting comments made during the Democratic National Committee. Wednesday night, Tim Walz accepted his VP nomination. So far, the Harris campaign has made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate from 7% to 28%. President Barack Obama and Joe Biden made an appearance this week.
Investors are also awaiting Powell's speech in macroeconomics at Jackson Hole, Wy, this Friday at 10 am ET; catch it live on moomoo with our broadcast and commentary.
SECTORS
Oil futures ended higher on Thursday, and support was found a day after settling at their lowest since January. According to MarketWatch, prices recouped some of their recent losses, attributed to revised U.S. jobs data that stoked worries about the outlook for crude demand.
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A "small correction was necessary to fix the excessive selling seen earlier in the week," Manish Raj, managing director at Velandera Energy Partners told MarketWatch. Oil prices had posted declines for four sessions in a row through Wednesday.
MOOVERS
$Tesla (TSLA.US)$ fell 5% Thursday after Vice President Sreela Venkataratnam, an 11-year veteran of the company, left her role. The departure leaves just one Women on the Tesla executive team.
Advance Auto Parts $Advance Auto Parts (AAP.US)$ fell 17% Thursday afternoon after the firm reported a larger drop in Q2 earnings than expected, and cut its full-year outlook. The auto retailer also announced the sale of its Worldpac wholesale business to Carlyle $The Carlyle Group (CG.US)$ for $1.5 billion in cash.
Urban Outfitters $Urban Outfitters (URBN.US)$ shares fell 9% Thursday after the company posted late Wednesday lower-than-expected comparable sales growth for fiscal Q2.
TD Bank, $The Toronto-Dominion Bank (TD.US)$ fell 2% after the firm reported a Q3 diluted loss per share of $0.14, compared with income of $1.53 a year earlier. It reported net loss of $181 million, compared with an income of $2,881 million.
Intel $Intel (INTC.US)$ was contributing to the fall in the Dow, falling 6%. The stock is down about 40% from its place a month ago after earnings disappointed and the firm announced layoffs.
Peloton Interactive, $Peloton Interactive (PTON.US)$ stock jumped 35% Thursday after the company reported a narrowing loss of 8 cents a share, beating the consensus of 16 cents loss and lower than the 68 cents loss reported a year ago. It was the highest gainer on the Russell 2000.
Snowflake $Snowflake (SNOW.US)$ shares continued to decrease and fall 14% Thursday after the company announced Q2 results that exceeded expectations after the market close on Wednesday but provided lukewarm future guidance that didn't convince investors in a competitive environment.
BJ's Wholesale Club $BJ's Wholesale Club Holdings (BJ.US)$ fell 7% after the firm reported better Q2 results, but CEO Felice said that the company's long-term investments could send its full year earnings toward the lower end of the projected range.
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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.
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