Summary: The Dow Jones Industrial Average and other stock indexes experienced significant declines as market attention shifted to the upcoming speech by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium, while Nvidia's gains were nearly wiped out after strong earnings and Tesla CEO Elon Musk issued a warning regarding the Cybertruck, although Box, NOV, and Automatic Data Processing showed strength.
The Dow Jones finished the week in the red as markets rebounded, while Fed Chair Jerome Powell suggested another interest rate hike may be necessary; mortgage rates rose for the fifth straight week, cutting into homebuyers' purchasing power; initial unemployment claims dropped to 230,000; and existing-home sales fell in July but prices rose for the first time in five months.
US equity markets were relatively stagnant last week, with major indexes trading up and down around their 200-day moving averages, indicating a lack of direction and potential resistance, while Treasury markets appeared to stabilize despite an inverted yield curve, suggesting a potential recession on the horizon. Fed Chair Jerome Powell's hawkish speech on Friday emphasized the need for caution and the possibility of higher interest rates, while Nvidia's strong earnings highlighted the company's dominance in the artificial intelligence sector.
The Dow Jones Industrial Average fell after weak economic data from China, while U.S. oil prices rose and Tesla's stock gained due to increased sales in China.
U.S. stocks slipped as worrying data out of China and a spike in oil prices following the extension of Saudi Arabian production cuts weighed on the market. The Dow Jones Industrial Average fell 0.6%, while the S&P 500 lost 0.4% and the Nasdaq dipped 0.1%.
Intel stock is performing well despite concerns about the U.S.-China chip war.
Stock indices closed in the red, with the Nasdaq 100, S&P 500, and Dow Jones Industrial Average all experiencing declines, while the technology sector underperformed and the energy sector led the session. The U.S. 10-Year Treasury yield dropped, while the Two-Year Treasury yield increased. The Small Business Optimism Index for August decreased, with inflation cited as a major concern among small business owners. Stocks opened lower on Tuesday, and U.S. futures trended lower as well. This week's focus will be on the Consumer Price Index and Producer Price Index data, which could impact the Federal Reserve's decision on rate hikes. Oracle's stock fell after missing sales estimates, while Casey's General and Tesla saw gains. JPMorgan's CEO criticized new Basel III regulations, and European indices traded in the green. In Asia-Pacific, markets ended mixed as traders await U.S. inflation data.
US stocks fell on Friday, with the S&P 500 down 0.9%, Dow Jones down 0.5%, and Nasdaq down 1.4%, as concerns about giving up the week's gains outweighed China's improved economic performance, a historic strike by the United Auto Workers, and positive signs of resilience in the US consumer and inflation pressures that make a case for more Fed rate hikes.
The Dow fell sharply and turned negative for the year as US Treasury yields surged, causing a selloff in stocks.
US stocks fell as investors worried about the impact of higher interest rates, with the Dow down nearly 1.5% and the S&P 500 and Nasdaq indexes also dropping. Concerns about the Federal Reserve's policy and its effect on the housing market and potential recession led to the market decline.
Dow Jones futures and S&P 500 futures fell slightly after the House voted to oust Speaker Kevin McCarthy, causing concern about potential political chaos and contributing to the stock market sell-off.
Summary:
US stock indexes closed lower as investors awaited monthly employment data and looked for insights into future interest rate directions, with the Dow Jones Industrial Average down 0.03%, the S&P 500 down 0.13%, and the Nasdaq Composite down 0.12%; in Asian markets, Japan's Nikkei 225 declined 0.28%, Australia's S&P/ASX 200 rose 0.41%, China's markets were closed for a holiday, and Hong Kong's Hang Seng index gained 1.40%; European markets, including the STOXX 600, Germany's DAX, France's CAC, and the UK's FTSE 100, all saw gains; and in commodities, Crude Oil WTI and Brent were down, Natural Gas was up, and Gold, Silver, and Copper all saw increases.
Wall Street's main indexes fell as Treasury yields rose and chipmakers declined following the Biden administration's decision to halt shipments of AI chips to China, while U.S. retail sales exceeded expectations, indicating a strong economy.
The Dow Jones Industrial Average fell 1% due to higher Treasury yields, while the Federal Reserve reported little change in the economy over the past six weeks.
The Dow Jones Industrial Average fell after Federal Reserve Chair Jerome Powell spoke on inflation and interest rates, while Netflix stock surged on strong earnings and Tesla stock dropped after Elon Musk's warning about the Cybertruck. Microsoft, HealthEquity, Vistra, and Cencora also had notable movements.
Stocks fell as Treasury yields rose and investors reacted to a speech by Federal Reserve Chair Jerome Powell, with the Dow Jones Industrial Average down 0.75%, the S&P 500 falling 0.9%, and the Nasdaq Composite leading the losses with a nearly 1% drop; in other news, Netflix shares surged more than 16% after the company reported a surge in subscriber numbers and announced plans to raise prices in the US, while Tesla shares fell almost 10% after the company's earnings missed estimates.
The Dow Jones Industrial Average reversed lower as investors awaited Federal Reserve Chair Jerome Powell's speech, while Microsoft's stock surged on impressive earnings and Alphabet's stock plummeted due to mixed results.
Indexes were lower in late afternoon trading, with the Dow Jones Industrial Average down 0.3% despite a rise in Microsoft's stock; Rep. Mike Johnson won the vote to become the House Speaker; Fed Chair Jerome Powell is scheduled to speak at a gathering as a deficit keeps bond yields elevated; the S&P 500 and Nasdaq suffered a decline; Boeing reported continuing losses and slowing sales, while Microsoft's stock rose; Alphabet fell after earnings topped views; T-Mobile is retaking the 200-day line after beating earnings views; Snap gave back early gains after Q3 results; new home sales rose in September.
