Market Snapshot: U.S. stocks slump as Nvidia rally loses steam, attention turns to Jackson Hole

by | Aug 24, 2023 | Stock Market

U.S. stocks were lower in afternoon trading on Thursday as Nvidia Corp.’s post-earnings pop faded and the U.S. dollar strengthened a day ahead of an eagerly awaited speech by Federal Reserve Chair Jerome Powell.How are stocks trading
The Dow Jones Industrial Average DJIA dropped 287 points, or 0.8%, to 34,186.

The S&P 500
fell 42 points, or 0.9%, to 4,395.

The Nasdaq Composite
dropped 170 points, or 1.2%, to 13,551.

U.S. stocks ripped higher on Wednesday driven by optimism ahead of Nvidia’s earnings for the quarter ended in June. The S&P 500 rose 48.46 points, or 1.1%, to finish at 4,436.01, logging its best day in nearly two months.

What’s driving markets “The rally this week off the near-term Aug. 17 low appears to be fading, but the focus is clearly on Jay Powell speaking tomorrow,” said Louis Navellier, founder of Navellier & Associates, in a note. Powell is scheduled to speak Friday morning at the Kansas City Fed’s Jackson Hole Economic Symposium. The event, an annual highlight of the central bank’s summer calendar, got under way Thursday. Jackson Hole live: Stocks fall as markets prepare for Powell’s Friday speech “Last year he spoke of pain and really accelerated the selloff into the October lows. No one expects anything like that this year, but there is certainly anxiety that he may spin a hawkish tone and swing hopes that the Fed might be done with a possible cut by year-end, to o …

Article Attribution | Read More at Article Source

Share This