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S&P 500 Stalls Amid Caution on Wall Street Ahead of Powell

Stock Markets Aug 26, 2021 04:33PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 stumbled Thursday, as investors erred on the side of caution amid expectations the Federal Reserve could drop its clearest hint yet that loose monetary policy measures will be reined in sooner rather than later.  

The S&P 500 fell 0.6%, the Dow Jones Industrial Average slipped 0.5%, or 192 points, and the Nasdaq fell 0.6%.

Ahead of the symposium on Friday, Fed speakers have signaled that the central bank is keen to begin tapering its monthly bond purchases to avoid having to play catchup later down line and risk more aggressive moves to curb inflation.     

“I think we want to get going on taper. Get the taper finished by the end of the first quarter next year,” James Bullard, St. Louis Fed President told CNBC Thursday. “And then we can evaluate what the situation is and we’ll be able to see at that point whether inflation has moderated and if that’s the case we’ll be in great shape. If it hasn’t moderated, we’re going to have to be more aggressive to contain inflation.”

The remarks arrived as investors digested mixed economic data as the weekly jobless claims climbed, while another take on second-quarter economic growth fell just short of estimates.       

Initial jobless claims totaled 353,000 last week, just above expectations of 350,000, while the penultimate reading of second-quarter GDP was 6.6%, just shy of the 6.7% expected.

The weaker data out from the labor market, however, isn't a reason for worry amid expectations that the trend of the falling claims is likely still intact.

"Although there was an uptick this week, we do not think there is anything to be particularly concerned about here," Jefferies (NYSE:JEF) said in a note following the weekly jobless claims data. "The back up is not big enough to signify any fundamental change in the flows of the labor market."

On the earnings front, meanwhile, Salesforce (NYSE:CRM) was in the spotlight, rising  more than 2% after delivering an upbeat outlook on annual performance following quarterly results that topped wall street estimates.

Ulta Beauty (NASDAQ:ULTA) gave up its gains to trade flat even as the cosmetics retailer reported a beat on both the top and bottom lines, led by a strong recovery in its beauty business.

Megacap tech stocks were largely below the flatline.

Apple (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Facebook (NASDAQ:FB), and Google-parent Alphabet (NASDAQ:GOOGL) were lower.

S&P 500 Stalls Amid Caution on Wall Street Ahead of Powell
 

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Comments (10)
Bitcoin online trading Cryptocurrency
Bitcoin online trading Cryptocurrency Aug 26, 2021 8:44PM ET
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saving is necessary
William Bailey
William Bailey Aug 26, 2021 7:43PM ET
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Trying to sucker people into staying in the markets
Miles Mathewson
Miles Mathewson Aug 26, 2021 6:38PM ET
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Taliban is governing the US military. This is really something I never thought I'd see
Miles Mathewson
Miles Mathewson Aug 26, 2021 6:37PM ET
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I've seen stupid presidents but Biden really topped them all
New Jazenevd
New Jazenevd Aug 26, 2021 6:37PM ET
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Democracy evolves, from freedom to stupidity.
Tony Smith
Tony Smith Aug 26, 2021 6:37PM ET
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No one can top Trump in a million years.
Miles Mathewson
Miles Mathewson Aug 26, 2021 6:37PM ET
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Tony Smith  Trump is a hero compared with old Joe. He'll certainly be back, we'll make sure of that
Millennial Metals
Millennial Metals Aug 26, 2021 6:28PM ET
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This market is about to collapse 50%
William Smith
William Smith Aug 26, 2021 6:06PM ET
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The market was up nicely until the Afghanistan attacks.
New Jazenevd
New Jazenevd Aug 26, 2021 5:45PM ET
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Fed summit will not change anything. New money creation will continue. Fed does not create money, because Powell wants it personally. It creates money to cover budget deficit and present administration will run highest deficits, as high as possible. In result, new money flow goes strong and the market continues higher.
Kelvin Isaac
Kelvin Isaac Aug 26, 2021 5:07PM ET
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hello
Vh Du
Vh Du Aug 26, 2021 5:05PM ET
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as wr wb
Kahlifa Zakari
Kahlifa Zakari Aug 26, 2021 4:51PM ET
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hello am from us
 
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