Stocks Tumble, S&P 500 on Pace to Break 4-Week Win Streak

Tiger Newspress2022-08-19

Stocks were lower on Friday, with the S&P 500 on track to break its four-week win streak.

The S&P fell 0.62%, while the Dow Jones Industrial Average dipped 207 points, or 0.61%. Nasdaq 100 futures slid 0.95%.

For the week, the S&P 500 entered Friday’s session up just 0.08%, and the Dow was up 0.7% in that time. The tech-heavy Nasdaq came into Friday riding a 0.6% weekly loss. The S&P 500 has posted a gain in each of the last four weeks.

While this week has seen relatively muted moves on Wall Street, it comes on the heels of a solid rally since mid-June.

“The market is doing a little consolidating this week, a little flip-flopping. ... I think this is still a healthy market,” said Frank Gretz, a technical analyst at Wellington Shields, citing solid advance-decline ratios in recent weeks.

There are no major economic reports due out on Friday, but traders are still parsing through some key earnings. Applied Materials shares rose slightly in the premarket on the back of a better-than-expected quarterly report.

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Comments

  • HelloKitty55
    2022-08-22
    HelloKitty55
    Ok
  • Surewin88
    2022-08-20
    Surewin88
    Ok
  • AlphaKK
    2022-08-20
    AlphaKK
    Ok
  • BG68
    2022-08-20
    BG68
    Great 
  • PearlynCSY
    2022-08-20
    PearlynCSY
    Stocks tumbled on Friday as Wall Street’s summer rally faltered and rate hike fears resurfaced, leading the major averages to end the week on a sour note. The S&P 500 slid 1.29% to close at 4,228.48, while the Dow Jones Industrial Average tumbled 0.86%, to 33,706.74. The Nasdaq Composite dropped 2.01% to settle at 12,705.22. Friday’s halt in Wall Street’s summer rally came as minutes from the Federal Reserve’s July meeting and comments from St. Louis Federal Reserve President James Bullard indicated that the central bank would likely continue hiking rates in the near term, putting a damper on investors’ hopes of a slowdown. Despite the week’s moves, many investors and traders are holding out hope for a bounce back. “I wouldn’t expect a complete reversal going back to the June lows or s
  • Goodmeng
    2022-08-20
    Goodmeng
    Noted
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