Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

U.S. stocks are wobbling as investors await Powell's speech

Published 08/21/2023, 06:50 PM
Updated 08/22/2023, 11:30 AM
© Reuters.

Investing.com -- U.S. stocks are wobbling, with gains led by the tech sector as investors await Federal Reserve Chair Jerome Powell's speech on Friday at the central bank's annual conference.

At 11:12 ET (15:12 GMT), the Dow Jones Industrial Average was down 113 points or 0.3%, while the S&P 500 was up 0.1% and the NASDAQ Composite was up 0.5%.

The main equities indices closed in a mixed fashion Monday, with the blue-chip Dow Jones Industrial Average dropping slightly, while the broad-based S&P 500 gained 0.7%.

The highlight, however, came from the tech-heavy Nasdaq Composite, which rose over 200 points, or 1.6%, its biggest gain of the month, even as the yield on the 10-year Treasury reached its highest level since November 2007.

This jump was largely based on hefty gains by Nvidia (NASDAQ:NVDA), which closed over 8% higher, the biggest jump in nearly three months, as investors wanted exposure to the world’s most valuable chip designer ahead of quarterly results on Wednesday.

More retail earnings due

The retail sector will remain in focus Tuesday, with home improvement retailer Lowe's (NYSE:LOW) posting a smaller-than-expected drop in quarterly comparable sales and topping estimates for profit, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.

The consumer has remained resilient in the face of inflation, which has been cooling off compared with last year's pace. Retailers should be able to project consumer spending trends heading into their important holiday sales season.

Arm releases IPO prospectus

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Elsewhere, SoftBank-owned (TYO:9984) Arm has released a preliminary prospectus for a Nasdaq listing, firing the starting gun on a long-awaited initial public offering that could be one of the biggest U.S. flotations in nearly two years.

Microsoft (NASDAQ:MSFT) has proposed a revised version of its merger with "Call of Duty" maker Activision Blizzard (NASDAQ:ATVI) in a bid to receive approval from U.K. competition authorities for the video-gaming industry's largest-ever tie-up.

Existing home sales due

The economic data slate is largely bare Tuesday. sales of existing homes for July were slower than expected at 4.07 million annually, a 16.6% drop from last year. Analysts expected an annualized number of 4.15 million, down slightly from the month before.

The week’s main focus, however, is the Fed’s annual symposium at Jackson Hole, Wyo., starting at the end of the week. Friday’s speech by Powell will be the highlight as investors look for clarity on the economic outlook and the future path of interest rates.

Crude retreats ahead of API inventories

Oil prices were little changed Tuesday, as traders warily weighed the prospect of a faltering Chinese economic recovery, while also awaiting more signals on U.S. monetary policy at the Jackson Hole symposium at the end of the week.

U.S. crude oil and gasoline inventories are also due later in the session from the American Petroleum Institute industry group, while the Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own data on Wednesday.

(Peter Nurse and Oliver Gray contributed to this item.)

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

raise rates to 10% destroy this trash economy and start over with a new administration let it all burn and rebuild it better
raise rates to 10%, destroy this trash economy and start over with a new administration. let it all burn and rebuild it better.
in other words, you hate America and desperately want Biden to fail in fixing it, so that your orange god can step back in and continue the destruction and mayhem he caused last time around..
tell me your a turd without telling me your a turd
  Tell me you're a name-calling retrumplican w/out telling me you're a name-calling retrumplican.
We're saving the world, Ukraine, Africa and Harlem
If the US and allies don't, who else have/will?
Deep recession with possible depression style crash or hyperinflate and let the next president deal with it. Which would you choose?
The current potus has already been dealing w/ the mess left by the last potus.
POS..u lil worm 🪱
   Name-calling  ...  you're aping like your orange cult leader.
yes Brandon has done quite the job all around, even lined up at the boarder for the free money. Something to behold indeed.
Bideonmics: "US existing home sales slide again, but prices up from a year earlier"
You can tell how unhealthy the economy is by how much it is dependent on the actions of the Fed. With Trump, they had to just crying "Trade war fears" as the market went up because the economy was healthy under Trump. Under Biden, it is Fed Fed Fed, because they just try to gaslight from the poor democrat policy that is driving the Fed to have to hike the rates.
Seems like most people just want to be negative, hiding behind their screens. I appreciate your updates and perspective in your reporting.
Just loaded up on NVDA, its PE is only 410! So cheap! The market going up because of a handful of high PE trillion+ dollar valuated stocks while consumer debt is at record levels and mortgage rates are 7%+ and they are starting to talk about COVID again is such a good sign!
Just loaded up on NVDA, its PE is only 410! So cheap! The market going up because of a handful of high PE trillion+ dollar valuated stocks while consumer debt is at record levels and mortgage rates are 7%+ and they are starting to talk about COVID again is such a good sign! I know that sending hundreds of billions to the crackhead in Ukraine is definitely going to benefit us US taxpayers too!
No one waits for Powell speech. The market just releases some aid after yesterday AI pump.
Ouch, it meant “releases some AIR”.
Why do taxpayers and investors continue to suffer and endure the fed?  The government has no place dictating interest rates, or steering the economy.  This isn't the USSR, with its 5 years plans.  Who lost  truckloads of money, last year, from their 401k's?  Pretty much all Americans, thanks to the fed.
Don't let Sam's confusing post impact your faith in the system
Money was lost due to Russian aggression.
The Fed is doing a better job than if Congress were doing monetary policy directly.
Waiting on Powell speech! How funny is that. If you can't report better you should quit!
Joe Biden takes bribes
Business commissions.
Retrumplicans been trying & failing to prove that.  Don't be gaslit.
hard to prove when the Cia, doj, fbi and numerous other states and politicians in on it as well. the whole system is crooked to the core. that's the real problem. Biden is just a product of his 💩 environment. the laptop 💻 is the smoking gun. just our media and is bought and controlled by the elite who have anterior motives. the entire family is more crooked then the mafia
I want the gold to be at 2000 in 1 hr.
the same script every day
What a joke
Powell is wobbling!
Also, screw Powell
"The federal government has already begun buying COVID-19 equipment and hiring consultants to enforce pandemic-era "safety protocols."...if you think thing are bad now, wait until they start pushing COVID nonsense again going into 2024 if Biden is running again. Biden's poll numbers are terrible and Trump's continue to go up with each new indictment. The White House has already started spitting out COVID fearmongering to the media companies last week, and you have probably seen some headlines. They are going to do it again in 2024, and government spending already shows this.
Total scam, everybody needs to fight back
They are trying to manufacture the fabric of an excuse to initiate 2024 election fraud... covid panic 2.0.  Everyone ready for the new manufactured excuse, to enable millions of fake mail in ballots, to be dumped into ballot counting rooms, at 4 am?
Singing different tune again....seems the analysts tongues are more twisted than lizard
relly?
dont know what the writers definition of wobbling is  when NAsdaq is up 0.50 % and Dow is only down .0.10%
Yet Biden is cracking jokes about Hawaiian children burning alive and lying about about his wife almost dying in a small kitchen fire. Biden's continuing senile gaffes are undefendable.
Unfortunately, the joke is on us.
Biden haters gotta find something to complain about, even if it's stupid.
 You still support Biden?  Sad.
Inflation concerns continue to linger.
Hedge funds are attracting more attention from investors.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.