US open: Stocks lower as attention turns to Federal Reserve

20th Aug 2024 15:21

(Sharecast News) - Wall Street stocks were in the red early on Tuesday as investors turned their attention towards the Federal Reserve Bank.

As of 1520 BST, the Dow Jones Industrial Average was down 0.16% at 40,832.48, while the S&P 500 lost 0.12% to 5,601.67 and the Nasdaq Composite came out the gate 0.26% weaker at 17,830.94.

The Dow opened 64.05 points lower on Tuesday, taking only a modest bite out of gains recorded in the previous session.

This week's primary focus will be the Federal Reserve's Jackson Hole economic symposium in Wyoming, with Fed chairman Jerome Powell slated to deliver a speech on Friday, with traders set to look for any hints as to what the central bank may look to do with its benchmark interest rates come September. Minutes from the Fed's July policy meeting will be out on Wednesday.

As far as Tuesday goes, on the macro front, Federal Reserve Bank of Atlanta president Raphael Bostic and vice chair for supervision Michael Barr will deliver speeches at 1835 BST and 1845 BST, respectively.

In the corporate space, Palo Alto Networks shares moved higher after the cybersecurity company beat both profit and revenue expectations in Q4, while home improvement retailer Lowe's posted quarterly revenues that fell short of estimates and lowered its full-year profit guidance.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walmart Inc. (WMT) $74.07 0.48%

Microsoft Corp. (MSFT) $423.31 0.42%

Home Depot Inc. (HD) $364.58 0.42%

Merck & Co. Inc. (MRK) $114.88 0.40%

Johnson & Johnson (JNJ) $160.17 0.34%

3M Co. (MMM) $127.45 0.29%

McDonald's Corp. (MCD) $288.36 0.28%

Visa Inc. (V) $267.22 0.28%

Apple Inc. (AAPL) $226.49 0.27%

Amgen Inc. (AMGN) $328.62 0.20%

Dow Jones - Fallers

Boeing Co. (BA) $173.46 -3.44%

Intel Corp. (INTC) $21.17 -1.65%

Walt Disney Co. (DIS) $89.50 -1.45%

Dow Chemical Co. (DOW) $53.13 -0.97%

Travelers Company Inc. (TRV) $217.42 -0.70%

Chevron Corp. (CVX) $145.90 -0.63%

Goldman Sachs Group Inc. (GS) $501.57 -0.62%

Walgreens Boots Alliance, Inc. (WBA) $10.81 -0.41%

Salesforce.Com Inc. (CRM) $264.56 -0.31%

Nike Inc. (NKE) $83.07 -0.25%

S&P 500 - Risers

Eli Lilly and Company (LLY) $962.03 4.36%

Paypal Holdings Inc (PYPL) $72.32 4.16%

Darden Restaurants Inc. (DRI) $155.70 4.02%

Advanced Micro Devices Inc. (AMD) $160.99 3.68%

Medtronic Plc (MDT) $86.93 2.49%

Netflix Inc. (NFLX) $705.48 2.46%

Edwards Lifesciences Corp. (EW) $69.89 2.40%

Albemarle Corp. (ALB) $84.41 1.97%

Vornado Realty Trust (VNO) $33.46 1.58%

Gap Inc. (GPS) $24.03 1.48%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $1.26 -5.26%

Estee Lauder Co. Inc. (EL) $88.83 -4.33%

Boeing Co. (BA) $173.46 -3.44%

DENTSPLY Sirona Inc. (XRAY) $24.71 -3.25%

VF Corp. (VFC) $16.54 -2.59%

Bank of America Corp. (BAC) $38.69 -2.48%

Bath & Body Works, Inc. (BBWI) $33.59 -1.96%

Phillips 66 Common Stock (PSX) $136.69 -1.90%

Apache Corp. (APA) $28.77 -1.88%

TripAdvisor Inc. (TRIP) $14.28 -1.79%

Nasdaq 100 - Risers

Paypal Holdings Inc (PYPL) $72.32 4.16%

Sirius XM Holdings Inc (SIRI) $3.12 2.63%

Netflix Inc. (NFLX) $705.48 2.46%

Idexx Laboratories Inc. (IDXX) $503.40 1.29%

Biomarin Pharmaceutical Inc. (BMRN) $93.95 1.28%

Intuitive Surgical Inc. (ISRG) $487.72 1.15%

Alphabet Inc. Class C (GOOG) $170.16 1.05%

Alphabet Inc. Class A (GOOGL) $168.36 1.01%

Synopsys Inc. (SNPS) $563.50 0.95%

American Airlines Group (AAL) $10.40 0.90%

Nasdaq 100 - Fallers

JD.com, Inc. (JD) $28.34 -4.05%

DENTSPLY Sirona Inc. (XRAY) $24.71 -3.25%

Trip.com Group Limited (TCOM) $41.99 -2.14%

NetEase Inc. Ads (NTES) $90.91 -1.77%

Intel Corp. (INTC) $21.17 -1.65%

Vodafone Group Plc ADS (VOD) $9.56 -1.59%

Skyworks Solutions Inc. (SWKS) $106.37 -1.55%

Qurate Retail Inc. (QRTEA) $0.60 -1.49%

Charter Communications Inc. (CHTR) $350.66 -1.24%

Baidu Inc. (BIDU) $89.18 -1.11%