Stocks Open Higher As Wall Street Tries to Snap Its Three-Day Losing Streak

Tiger Newspress2022-08-31

U.S. equities rose on Wednesday as Wall Street attempted to snap a losing streak that has stretched into its third day and end August on a high note.

The S&P 500 advanced 0.1%. The Nasdaq Composite outperformed, advancing 0.5%.

Shares of Chewy tumbled more than 11% in the premarket after the pet products retailer issued weak revenue guidance. HP Inc’s stock dipped 6% after the company missed revenue estimates.

Investors have sold off heavily since Friday after hawkish remarks from Federal Reserve Chair Jerome Powell. Most recently, New York Fed President John Williams called for “somewhat restrictive policy to slow demand.”

The sell-off on Wall Street rolled into Tuesday, with the Dow Jones Industrial Average sliding nearly 1%. The Nasdaq Composite dropped 1.1%, and the S&P 500 slumped 1.1%, falling below the 4,000 mark for the first time since late July. All the major averages were on pace to finish August with losses.

Despite Tuesday’s sell-off and hawkish Fed remarks, some investors are hopeful that the rate hiking cycle could be nearing its end.

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Comments

  • Remotecam
    2022-09-01
    Remotecam
    Market need to collapse before it can recover.  The faster and lower we get to bottom, the better.  Also... Putin special operations need to end, rain come back to Texas and Europe to survive this coming winter. 
  • PearlynCSY
    2022-09-01
    PearlynCSY
    U.S. stock futures fell slightly on Wednesday night after the major averages closed out August with losses and investors considered the Federal Reserve’s fight against inflation. Dow Jones Industrial Average futures fell by 0.13%. S&P 500 and Nasdaq 100 futures declined 0.27% and 0.48%, respectively. The Dow closed the month down about 4.1%, while the S&P and Nasdaq recorded losses of 4.2% and 4.6%, respectively. Investors are debating whether stocks will again challenge the June lows in September, a historically poor month for markets, after weighing recent hawkish comments from Fed officials who show no signs of easing up on interest rate hikes. On Wednesday, Cleveland Federal Reserve President Loretta Mester said she expects interest rates to rise above 4% before the central ban
  • Eslechia
    2022-09-01
    Eslechia
    Woohoo!
  • kenong62
    2022-09-01
    kenong62
    Like 
  • Vincent1968
    2022-09-01
    Vincent1968
    Okie 🆗
  • Bank of Arai
    2022-09-01
    Bank of Arai
    K
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