US open: Stocks mixed as traders await Powell's Jackson Hole speech

22nd Aug 2024 15:07

(Sharecast News) - Wall Street stocks were mixed early on Thursday as traders continued to await comments from Federal Reserve chairman Jerome Powell.

As of 1530 BST, the Dow Jones Industrial Average was down 0.24% at 40,790.57, while the S&P 500 advanced 0.03% to 5,622.61 and the Nasdaq Composite came out the gate 0.05% firmer at 17,927.49.

The Dow opened 99.92 points lower on Thursday, reversing modest gains recorded in the previous session after minutes from the Federal Reserve's July policy meeting indicated that the "vast majority" of central bankers said its September meeting would "likely" be the right time to lower its benchmark interest rate.

With the Fed minutes out of the way, market participants will now turn their attention almost solely to Powell's speech at the Jackson Hole economic symposium in Wyoming on Friday, hoping to gain further insight into the future of US interest rate policy. While traders universally expect the central bank to lower rates at its September meeting, analysts seem to be split when it comes to just how large the reduction may be.

On the macro front, Americans lined up for unemployment benefits at a slightly accelerated pace in the week ended 17 August, according to the Labor Department. Initial unemployment claims rose by 4,000 week-on-week to 232,000, a three-week high and slightly ahead of market expectations for a reading of 230,000, consolidating the trend of a softening labour market pointed to by last month's jobs report and a sizeable downward revision to nonfarm payrolls for the twelve months ended 31March.

Elsewhere, a preliminary reading of S&P Global's composite PMI fell to 54.1 in August, down from 54.3 in July to a four-month low, with the manufacturing PMI falling to 48 from 49.6 and the services PMI ticking up to 55.2 from 55.

On another note, existing home sales rose by 1.3% to a seasonally adjusted rate of 3.95m in July, according to the National Association of Realtors, in line with expectations and bouncing back from the biggest drop in 19 months in June.

Still to come, the Kansas Federal Reserve's August manufacturing index will be published at 1600 BST.

In the corporate space, software firm Snowflake traded lower despite beating expectations with its latest quarterly earnings and hiking full-year guidance, while clothing retailer Urban Outfitters also headed south after posting disappointing Q2 same-store sales figures.

Intuit and Ross Stores will both report earnings on Thursday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walmart Inc. (WMT) $75.98 0.99%

Apple Inc. (AAPL) $227.20 0.35%

JP Morgan Chase & Co. (JPM) $215.23 0.29%

Cisco Systems Inc. (CSCO) $50.58 0.26%

Salesforce.Com Inc. (CRM) $261.61 0.20%

Boeing Co. (BA) $173.66 0.13%

Chevron Corp. (CVX) $145.38 0.04%

American Express Co. (AXP) $246.35 0.02%

Merck & Co. Inc. (MRK) $116.04 0.00%

Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Intel Corp. (INTC) $20.70 -3.32%

Walgreens Boots Alliance, Inc. (WBA) $10.23 -1.54%

Amgen Inc. (AMGN) $326.27 -0.88%

Home Depot Inc. (HD) $367.27 -0.86%

Verizon Communications Inc. (VZ) $40.85 -0.50%

3M Co. (MMM) $128.67 -0.43%

McDonald's Corp. (MCD) $288.60 -0.38%

Walt Disney Co. (DIS) $90.42 -0.34%

Johnson & Johnson (JNJ) $160.99 -0.27%

Dow Chemical Co. (DOW) $52.83 -0.24%

S&P 500 - Risers

Franklin Resources Inc. (BEN) $20.34 2.86%

Broadcom Inc. (AVGO) $168.47 1.62%

Edwards Lifesciences Corp. (EW) $71.11 1.46%

Expedia Group Inc. (EXPE) $135.01 1.37%

Stryker Corp. (SYK) $349.82 1.30%

Estee Lauder Co. Inc. (EL) $92.70 1.30%

Eli Lilly and Company (LLY) $963.32 1.19%

Boston Scientific Corp. (BSX) $79.67 1.08%

Meta Platforms Inc. (META) $540.65 1.03%

Take-Two Interactive Software Inc. (TTWO) $161.66 0.99%

S&P 500 - Fallers

Advance Auto Parts (AAP) $53.17 -14.13%

Intel Corp. (INTC) $20.70 -3.32%

CenturyLink Inc. (LUMN) $5.95 -2.85%

Nektar Therapeutics (NKTR) $1.24 -2.76%

Microchip Technology Inc. (MCHP) $80.57 -2.70%

Bath & Body Works, Inc. (BBWI) $33.72 -2.57%

Albemarle Corp. (ALB) $86.59 -2.27%

Bristol-Myers Squibb (BMY) $47.44 -2.05%

Lam Research Corp. (LRCX) $856.37 -1.94%

Newmont Corporation (NEM) $50.87 -1.94%

Nasdaq 100 - Risers

Broadcom Inc. (AVGO) $168.47 1.62%

Expedia Group Inc. (EXPE) $135.01 1.37%

Meta Platforms Inc. (META) $540.65 1.03%

Take-Two Interactive Software Inc. (TTWO) $161.66 0.99%

Paypal Holdings Inc (PYPL) $72.14 0.95%

Henry Schein Inc. (HSIC) $70.25 0.54%

Intuitive Surgical Inc. (ISRG) $489.84 0.50%

Gilead Sciences Inc. (GILD) $75.50 0.49%

Booking Holdings Inc. (BKNG) $3,754.50 0.44%

Verisk Analytics Inc. (VRSK) $270.48 0.41%

Nasdaq 100 - Fallers

NetEase Inc. Ads (NTES) $84.14 -9.12%

Baidu Inc. (BIDU) $85.63 -4.58%

Intel Corp. (INTC) $20.70 -3.32%

Microchip Technology Inc. (MCHP) $80.57 -2.70%

Lam Research Corp. (LRCX) $856.37 -1.94%

Qurate Retail Inc. (QRTEA) $0.60 -1.80%

KLA-Tencor Corp. (KLAC) $812.81 -1.73%

Applied Materials Inc. (AMAT) $205.70 -1.64%

Walgreens Boots Alliance, Inc. (WBA) $10.23 -1.54%

Gen Digital Inc. (GEN) $25.38 -1.44%