The shares were mostly fallen on Thursday, and the S & P 500 fell on the fifth day in a row, while traders expect speech by President of the President of the Federal Reserve Jerome Powell on Friday.
The wide market index fell by 0.4% and closed 6,370.17, while Nasdaq Composite fell by 0.34% and ended at 21,100.31. Dow Jones Industrial Average fell by 152.81 points, ie 0.34%, ending at 44,785.50.
Investors are expected by Powell’s opinion at the Central Bank’s Annual Economics in Jackson Hole, Wyoming, where he could offer insights into the movement of interest rates that could offer a certain mitigation of permanent inflation concerns. Futures Fed Fund Contracts include almost 74% of the Probility that the Central Bank will reduce interest rates at its next policy meeting in September, according to the FEDWATCH CME tool.
The Minutes of the July Meeting of the Fed showed that policy makers are concerned about the situation in the labor market and inflation, although most agreed that it is too early to lower interest rates. Fed Governors Christopher Waller and Michelle Bowman objected to maintaining stable rates, which is the first time that two members of the Board made it since 1993. years.
“The stock values are currently very high in the eve of the Jackson Hole, and investors have very high expectations that Powell will reduce interest rates in September,” said Rick Gardner, the main investment director in the Republic of Croatia. “All under that could encourage investors to remove part of the money from the table, especially given the smaller trading volume in August and unwillingness to the risk of the weekend.”
Walmart shares fell more than 4% after the retailer missed Walmart expectations for quarterly earnings, for the first time since May 2022. However, the company reported that exceeded estimates.
This week, the market was under pressure from great sales of technology. Investors have achieved profit from high-light names, including Nvidia, Palantir and Meta Platforms.
S & P 500 dropped by 1.2% of the beginning of the week, while Nasdaq lost 2.4%. Dow, which includes 30 shares, headed for a decline of approximately 0.4% in that period.
