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Stock Market Today: Dow Fights Back, but Ends in Red as Tech Wreck Bites

Stock Markets Aug 29, 2022 04:27PM ET
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By Yasin Ebrahim

Investing.com -- The Dow closed above session lows Monday, but the sea of red in tech stocks kept the rebound in check as the prospect of higher for longer interest rates weighed on sentiment. 

The Dow Jones Industrial Average slipped 0.57%, or 184 points, the Nasdaq was down 1.02%, and the S&P 500 fell 0.65%,

The rout in technology from Friday continued into the new trading week, pressured by rising Treasury yields as investors price in higher for longer interest rates following Powell’s hawkish speech at Jackson.

Powell suggested that the central bank would be willing to keep interest rates higher and tolerate a slowing economy to bring down inflation. With the Fed’s September meeting just weeks away, incoming economic data including the fresh jobs and inflation will likely sway the Fed’s decision to hike rates by 0.50% or 0.75% next month.

“[S]hould August inflation show a second month of cooling price pressures, at least some Fed officials will likely be comfortable with a lesser 50bps hike…,” Stifel Economics said in a report.

Big tech names including Apple (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) fell about 1%.  

Netflix (NASDAQ:NFLX), meanwhile, ended above the flatline as the streaming giant is reportedly weighing up the option to launch its ad-supported streaming services at a $7 to $9 monthly price, Bloomberg reported.

In the ongoing Twitter-Musk legal saga, meanwhile, Elon Musk reportedly subpoenaed a Twitter whistleblower, seeking documents to support allegations about fake and spam accounts on the social media giant's platform.  

Semiconductor stocks also piled on the pressure as the mid-week revival seen last week – following quarterly results from Nvidia (NASDAQ:NVDA) – continued to unwind.

Monolithic Power Systems (NASDAQ:MPWR), ON Semiconductor (NASDAQ:ON) and Advanced Micro Devices (NASDAQ:AMD) were among the worst performing chip stocks.

Energy shrugged the broader market drop, driven by rising oil prices as investors continue to mull the prospect of major oil producers cutting output.

In deal news, Walmart (NYSE:WMT) closed about 1% higher after making a bid to buy the remaining 47% stake in South African retailer Massmart that it doesn’t already own for $377.6 million. 

Stock Market Today: Dow Fights Back, but Ends in Red as Tech Wreck Bites
 

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Comments (7)
michel Le havre
michel Le havre Aug 30, 2022 5:15AM ET
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Dont believe what the FED says.  Believe what the FED do.    Powell will send the stocks shooting for the moon  at next Fed meeting .  Just remember FED Put is protection against excessive loss, its not a CALL where you are  guarantee profit.
Joel Schwartz
Joel Schwartz Aug 29, 2022 9:09PM ET
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Wow it’s almost like we can’t get inflation under control without asset prices coming down again. Wild how that works. /s
Murali Krishna
Murali Krishna Aug 29, 2022 9:05PM ET
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This is the perfect time for Putin OPEC to reduce oil output to rub salt into the wounds and inflict further pain on stock bulls
Bilal Hassan
Bilal Hassan Aug 29, 2022 7:49PM ET
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NAS100 Fall ???? Wow If this is a Fall then what is Range ? and if there is really a fall then why I cannot see it ???? This is not a fall.
Buy And Sell
Buy And Sell Aug 29, 2022 4:56PM ET
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Stocks get hammered in the authumn. It will be ugly. Get out of stocks or go broke!
David Stocks
David Stocks Aug 29, 2022 4:56PM ET
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just so you can buy low? im stayin
James Hilsher
JCH007 Aug 29, 2022 4:55PM ET
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BS rigged market.
Warm Camp
Warm Camp Aug 29, 2022 4:43PM ET
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Certainly, oil stocks are supposed to perform all right in stagflationary environment, burdened by greenwave stupidity. Other sectors? There are issues in many other sectors, caused by reckless economic policies in US and everywhere.
 
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