U.S. Stocks Close Higher as Rate Cut Expectations Grow
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U.S. equities closed higher on Wednesday, August 21, 2024, continuing a rebound supported by gains in key sectors, despite economic uncertainty. $Dow Jones Industrial Average (.DJI.US)$ rose 0.14%, closing slightly higher, while $S&P 500 Index (.SPX.US)$ added 0.42%, and $Nasdaq Composite Index (.IXIC.US)$ gained 0.57%.
Stock Movements and Sector Performance
Top Performers:
• $Intel (INTC.US)$ rose 2.00%, closing at $21.41.
• $McDonald's (MCD.US)$ increased by 1.43% to $289.71.
• $3M (MMM.US)$ gained 1.20% to close at $129.23.
• $Target (TGT.US)$ surged 11.20% to $159.25 after raising its annual profit forecast, buoyed by strong demand for low-priced essentials.
Notable Decliners:
• $AMEX (200303)$ Company dropped 2.68% to $246.30.
• $UnitedHealth (UNH.US)$ slipped 0.44% to $578.07.
• $Salesforce (CRM.US)$ declined 0.29% to $261.09.
Standout Movers in $S&P 500 Index (.SPX.US)$:
• $Keysight Technologies (KEYS.US)$ jumped 13.88% to $157.81 after reporting strong earnings.
• $TJX Companies (TJX.US)$ rose 6.11% to close at $120.23.
• $Franklin Resources (BEN.US)$ tumbled 12.56% to $19.78, making it one of the worst performers on the index.
Nasdaq Highlights
• $GD Culture Group (GDC.US)$ skyrocketed 128.49% to $3.93.
• $Revelation Biosciences (REVB.US)$ surged 100.96% to $2.09.
• $Stronghold Digital Mining (SDIG.US)$ climbed 82.25% to $5.34.
On the downside, $BIMI International Medical (BIMI.US)$ plummeted 35.42% to $0.31, and $ENDRA Life Sciences (NDRA.US)$ fell 32.27% to $0.45.
Commodities and Forex
• $Gold Futures(DEC4) (GCmain.US)$ for December delivery fell marginally by 0.03% to $2,549.90 per troy ounce.
• $Crude Oil Futures(OCT4) (CLmain.US)$ for October delivery dropped 1.68% to $71.94 per barrel, and Brent Oil decreased 1.44% to $76.09 per barrel.
In the forex market, the $USD/JPY (USDJPY.FX)$ pair fell by 0.03% to 145.21, while the U.S. Dollar Index declined 0.26% to 101.04.
Futures Market Performance
After snapping an eight-day rally, U.S. stock futures remained steady, with the $S&P 500 Index (.SPX.US)$ closing higher due to investor optimism around a potential rate cut by the Federal Reserve. The minutes from the Fed’s July meeting indicated a strong likelihood of a September rate cut, as the central bank aims to ease monetary policy if inflation trends remain in line with expectations.
Top Performers:
• $Intel (INTC.US)$ rose 2.00%, closing at $21.41.
• $McDonald's (MCD.US)$ increased by 1.43% to $289.71.
• $3M (MMM.US)$ gained 1.20% to close at $129.23.
• $Target (TGT.US)$ surged 11.20% to $159.25 after raising its annual profit forecast, buoyed by strong demand for low-priced essentials.
Notable Decliners:
• $AMEX (200303)$ Company dropped 2.68% to $246.30.
• $UnitedHealth (UNH.US)$ slipped 0.44% to $578.07.
• $Salesforce (CRM.US)$ declined 0.29% to $261.09.
Standout Movers in $S&P 500 Index (.SPX.US)$:
• $Keysight Technologies (KEYS.US)$ jumped 13.88% to $157.81 after reporting strong earnings.
• $TJX Companies (TJX.US)$ rose 6.11% to close at $120.23.
• $Franklin Resources (BEN.US)$ tumbled 12.56% to $19.78, making it one of the worst performers on the index.
Nasdaq Highlights
• $GD Culture Group (GDC.US)$ skyrocketed 128.49% to $3.93.
• $Revelation Biosciences (REVB.US)$ surged 100.96% to $2.09.
• $Stronghold Digital Mining (SDIG.US)$ climbed 82.25% to $5.34.
On the downside, $BIMI International Medical (BIMI.US)$ plummeted 35.42% to $0.31, and $ENDRA Life Sciences (NDRA.US)$ fell 32.27% to $0.45.
Commodities and Forex
• $Gold Futures(DEC4) (GCmain.US)$ for December delivery fell marginally by 0.03% to $2,549.90 per troy ounce.
• $Crude Oil Futures(OCT4) (CLmain.US)$ for October delivery dropped 1.68% to $71.94 per barrel, and Brent Oil decreased 1.44% to $76.09 per barrel.
In the forex market, the $USD/JPY (USDJPY.FX)$ pair fell by 0.03% to 145.21, while the U.S. Dollar Index declined 0.26% to 101.04.
Futures Market Performance
After snapping an eight-day rally, U.S. stock futures remained steady, with the $S&P 500 Index (.SPX.US)$ closing higher due to investor optimism around a potential rate cut by the Federal Reserve. The minutes from the Fed’s July meeting indicated a strong likelihood of a September rate cut, as the central bank aims to ease monetary policy if inflation trends remain in line with expectations.
Investors were also buoyed by labor market data revisions, with the Bureau of Labor Statistics revising March 2024 employment figures lower by 818,000 jobs, reflecting a softer labor market than initially reported.
Economic Outlook
The market’s performance remains heavily influenced by economic developments, with anticipation building around Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium. Traders are closely watching for clues on future monetary policy, particularly the potential for interest rate adjustments in response to ongoing inflation trends and revised employment data.
Economic Outlook
The market’s performance remains heavily influenced by economic developments, with anticipation building around Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium. Traders are closely watching for clues on future monetary policy, particularly the potential for interest rate adjustments in response to ongoing inflation trends and revised employment data.
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