US Stock Market Key Takeaways:
- the S&P 500The Dow Jones and Nasdaq 100 Ended Rise Despite More Bad Comments From Fed Officials
- The company’s earnings remain the dominant driver for the stock, and the upcoming Jackson Hole Economic Symposium will focus on rates.
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US stock indices are range-bound for the entire time of the day. This happened after the S&P 500 tested it. 200 day moving average earlier this week which is now helping to hit a three-month high for the index. The data released this morning showed more positive signs for the US economy. This is clearly demonstrated by the Fed Manufacturing survey. in Philadelphia to help Sparking Strong USD Movement which led to a breakout to fresh highs in August.
There was also a Fed-speak chorus today as several members of the FOMC commented on future interest rate policy. This will remain in focus next week. Before the Jackson Hole Economic Symposium
Dow Jones closes with a minimum profit of 0.06%. Meanwhile, the S&P 500 still holding below at 200 day moving average We talked on Tuesdayand ends with Gross profit 0.23% driven by the energy sector which increased by 2.53% after US government data yesterdaypoint to Strong US fuel consumption
About income: Relectronics companyKohl’sand BJ’ Wholesale reported today. Kohl fell7.72% after it cut 2022 financial forecasts due to Sales fell amid inflation pressure. At the same time Warehouse Retailer BJ’s Wholesale manage to win analyst expectations and Finished with 7.22% profit
In particular, meme stocks continue to gain attention. such as Bed Bath, etc.. earlier this week we understand where retailers are driving stock prices higher in a short squeeze Obviously today, Ryan Cohen from Gamestop Fame, announce sell of his stake in BBBYleading to sharp refuse.
BBBY daily share price. Charts prepared using TradingView
On technology stocks, the Nasdaq 100 was up 0.26% at 13,505.99 points. Cisco systems and semiconductor developer Wolfspeed Inc reported better-than-expected results. which resulted in the index rising.
on the front of the information Mixed signals continue to add parts. to the already confusing economic riddle earlier this week NY Empire State Manufacturing Index Surprises Downward It fell to its weakest level since May 2020. Today, the Philadelphia Fed manufacturing index expanded for the first time in three months. Delivery growth as delivery times improve It helps to turn the current condition into a positive area after the previous two negative readings. But what is noteworthy is Both surveys show that While still rising, the price paid (presumably a reflection of lower energy costs) and the gain (albeit weak) of six-month general activity expectations.
vice versa and consistent with the latest information Existing home sales in July show that weakness in the housing sector is becoming more apparent. It’s the sixth month in a row. Sales of previously owned homes declined as higher prices and higher interest rates affected buyer decisions.
However, on the employment side of today’s data Unemployment claims remain stable and continue to highlight strength in the labor market. Latest information for the week ending August 13.Thai Shows seasonally adjusted initial claims of 250K, down 2K from the previous week’s revised figure (252K).
as the economy remains resilient I was surprised to see how the disconnected market came from the Fed rhetoric. Minutes of yesterday’s FOMC meeting and comments from Federal Reserve officials. Today’s (San Francisco, St. Louis, Minneapolis and Kansas City) all echo the humble voices that the market seems to ignore.
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—Written by Cecilia Sanchez-Corona, DailyFX Research Team.