Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Stock Market Today: Dow Snaps 4-Week Win Streak Ahead of Powell Next Week

Stock Markets Aug 19, 2022 04:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
US500
+1.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+1.88%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOOGL
+2.62%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMAT
+2.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BBBY
+1.25%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMZN
+3.15%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- The Dow snapped a four-week win streak Friday, as investors paused their bullish bets on stocks amid fears that Federal Reserve Chairman Jerome Powell could push back against the idea of a dovish pivot at his Jackson Hole speech next week.

The Dow Jones Industrial Average slipped 0.9%, or 292 points, the Nasdaq was down 2%, and the S&P 500 fell 1.3%.

Consumer stocks led the move lower, pressured by a weakness in travel and leisure related stocks.

Carnival Corporation (NYSE:CCL), Royal Caribbean Cruises (NYSE:RCL), Caesars Entertainment (NASDAQ:CZR) and Expedia Inc (NASDAQ:EXPE) were the biggest laggards in the sector.

Other growth sectors of the market such as tech were hurt by a fresh climb in Treasury yields as investors mulled the latest comments from Fed members that signal the prospect of Powell striking a hawkish tone at the Jackson Hole symposium next week.

Meta Platforms (NASDAQ:META) fell more than 3%, followed by Google-parent Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN).

Chip stocks fell nearly 3% to give up the bulk of their gains from a day earlier as Applied Materials (NASDAQ:AMAT) fell more than 3% despite reporting better-than-expected quarterly results.

St. Louis’s James Bullard on Thursday backed the idea of another 75 basis-point rate hike that would take the Fed funds rates to a level that will put significant downward pressure on inflation.

Kansas City Fed President Esther George, however, appeared cautious on larger hikes, saying the central bank has to be“very mindful” of the lagged impact of its policy decision on the economy.

The Fed speak came just days after the release of the Fed's July meeting minutes “revealed a firm commitment [from the Fed] to remain on an aggressive path of policy tightening,” Morgan Stanley said.

On the earnings front, Foot Locker (NYSE:FL) rallied 20% after the sportswear retailer reported quarterly results that topped analysts' expectations and announced that former Ulta Beauty CEO Mary Dillon will replace Richard Johnson as chief executive on Sept. 1.

Crypto-related stocks, meanwhile, were dragged lower by a slip in bitcoin. Coinbase (NASDAQ:COIN), Riot Blockchain (NASDAQ:RIOT), and MicroStrategy (NASDAQ:MSTR) were down heavily.

In other news, Bed Bath & Beyond (NASDAQ:BBBY) fell 40% after a corporate filing showed that activist investor Ryan Cohen had sold his entire position in the company.

Sentiment on the stock was soured further on worries about the company’s balance sheet after the housewares retailer reportedly tapped a law firm to explore options to address its debt load.

Stock Market Today: Dow Snaps 4-Week Win Streak Ahead of Powell Next Week
 

Related Articles

U.S. House advances bill to boost antitrust efforts
U.S. House advances bill to boost antitrust efforts By Reuters - Sep 28, 2022 4

WASHINGTON (Reuters) -The U.S. House of Representatives on Wednesday voted to advance a bill that would update fees companies pay for merger reviews and strengthen state attorneys...

FedEx Earnings Beat, Revenue Misses In Q2
FedEx Earnings Beat, Revenue Misses In Q2 By Investing.com - Sep 28, 2022 1

Investing.com - FedEx (NYSE:FDX) reported on Tuesday second quarter earnings that beat analysts' forecasts and revenue that fell short of expectations. FedEx announced earnings...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
jamie
jamie Aug 20, 2022 6:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The worst FOMC chair made the highest inflation that was avoidable if this man made right decision in last year, with the historical least market trust to FOMC, wrong signal to market consecutively. Maybe God is no more with U.S. At coming this time he made another mistake, it will be only good for some wall street, and few politician but not only US ordinary people but also Global citizens fall in great suffering.
Saw PiLar
Saw PiLar Aug 20, 2022 3:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Travis Beard
Travis Beard Aug 19, 2022 10:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm about one more solicitor away from preaching the gospel in the comments.
Travis Beard
Travis Beard Aug 19, 2022 10:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm about one more solicitor away from preaching the gospel in the comments.
Denise Pereira de Sousa
Denise Pereira de Sousa Aug 19, 2022 6:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Very good report. You just forgot to mention that today was the expiration day for stock options on the American stock exchanges.
jamie
jamie Aug 19, 2022 6:13PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm sick of listerning FR say, Fomc will likely. How many faith do you have to FR's policy? If they started rates hike in last year, this kind of historical inflation never comes. I believe They have to apolosize to market and investors.
jamie
jamie Aug 19, 2022 6:13PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And even fr looks like manage inflation by MOUTH not policy, even gave groundless hint so market was running to wrong direction several weeks. Please FR show to market some principle.
Kamran Meo
Kamran Meo Aug 19, 2022 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Holly
Buy And Sell
Buy And Sell Aug 19, 2022 5:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Huge crash is coming in the authumn, warning this is it, it will be very very ugly on wall street. The big recession is here now!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email