Traders work on the New York Stock Exchange trading floor during early trading on August 20, 2024 in New York City.
Michael M. Santiago | Michael M. SantiagoGetty Images
this S&P 500 Index The pullback came on Thursday as investors braced for comments expected from Federal Reserve Chairman Jerome Powell later this week.
The composite index fell 0.3%, well away from its all-time intraday high set in July. this Dow Jones Industrial Average fell 121 points, or 0.3%, while Nasdaq Index down 0.7%.
Thursday’s action comes as market participants turn their attention to Powell’s expected speech at the Federal Reserve. Jackson Hole Economic Symposium Friday, hoping to learn more about interest rate policy. Traders now see a 100% chance that borrowing costs will fall next month, according to CME Group Fed Watch tools, but they differ on how deep the cuts should be.
“The market has really priced in the Fed rate cut,” said Gina Bolvin, president of Bolvin Wealth Management. “That’s why the market is up.”
Next is every minute The report from the Federal Reserve’s July meeting was released on Wednesday. They said most participants at the central bank meeting said a cut in the key interest rate at the September meeting “might” be appropriate if data continued to be released as expected.
Despite Thursday’s pullback, all three major stock indexes were expected to end the week higher. The Nasdaq and S&P 500 were up about 1% and 0.9%, respectively. The Dow gained 0.3%.
In Corporate News, Software Companies snowflake The company’s shares fell nearly 13% as rising costs hit its operating margins. Still, the company beat quarterly estimates and slightly raised its full-year product revenue forecast. urban clothing store The company fell about 8% after disappointing same-store sales growth in the second quarter.
