Stocks Open Flat as Wall Street’s Summer Rally Falters

Tiger Newspress2022-08-18

Stock market futures were slightly higher Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streakand a recent market rally appeared to fade.

Futures contracts tied to the Dow were 16 points higher, or 0.05%. S&P 500 futures gained 0.1%, while Nasdaq 100 futures added 0.11%.

Investors continued to monitor retail earnings for insight into the health of the consumer, which continued Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. Kohl’sshares slid in the premarket after the companycut its guidance.

Initial jobless data released Thursday showed claims drop to 250,000 for the week ended Aug. 13.

On Wednesday, the Dow fell roughly 172 points, or 0.5%. The S&P 500 declined 0.7% for its first negative session in four. The Nasdaq Composite was the relative underperformer, dipping 1.25%. The tech-heavy index and S&P 500 are now both on track to snap a four-week winning streak.

Those moves came as traders parsed through the minutes from the Federal Reserve’s July meeting. The central bank remains committed tofighting inflation, but indicated it could adjust its pace of tightening based on market conditions.

Investors have been hoping that the Fed might slow the pace of its rate hikes after July’sconsumer price indexreading showed inflation cooling slightly. But not everyone is convinced.

“We’re in the camp that the Fed is not going to pivot,” Scott Wren, senior global market strategist for Wells Fargo Investment Institute, said on CNBC’s“Closing Bell.”“The minutes didn’t make us change our mind at all. We think a 75 basis point hike is likely in September, and we’ll see more hikes at the end of the year ... we think the market is a little lofty right here,” he added.

Some key economic data will also be released Thursday, including weekly jobless claims and existing home sales.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Taobao
    2022-08-19
    Taobao
    ok
  • PearlynCSY
    2022-08-19
    PearlynCSY
    The S&P 500 and Nasdaq Composite rose slightly higher Thursday as traders fought to resurrect the recent market rally that slowed earlier this week. The S&P 500 rose 0.23% to settle at 4,283.74, while the Nasdaq inched 0.21% higher to 12,965.34. The Dow Jones Industrial Average added 0.06% to 33,999.04. The central bank said it remains committed to fighting inflation, but indicated it could adjust its pace of tightening based on market conditions. Investors had hoped the Fed might slow the pace of its rate hikes after July’s better-than-expected consumer price index. “The thing in the driver’s seat is the Fed and what’s propelling them — the gas in the Fed’s tank — is inflation,” said Cliff Corso, chief investment officer at Advisors Asset Management. “I think the market is going t
  • Jess261
    2022-08-19
    Jess261
    Okay
  • kenong62
    2022-08-19
    kenong62
    Like 
  • BKT
    2022-08-18
    BKT
    Pls like thanks 
  • Otahman
    2022-08-18
    Otahman
    Like pls
Leave a comment
13