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Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024.
Michael M. Santiago | Getty Images
Stocks fell Tuesday as investors struggled to continue building on the market's recent recovery.
the Dow Jones Industrial Average It fell by 69 points, or 0.2%. Standard & Poor's 500 and Nasdaq Composite Crude oil prices fell by 0.3% and 0.5%, respectively.
Tuesday’s move marked a respite after the S&P 500 and Nasdaq Composite posted their eighth straight positive session, the first time for both indexes since late 2023.
Despite Tuesday's moves, the major averages have rebounded and market volatility has declined since the beginning of the month. CBOE Volatility Index (VIX) The S&P 500 fell below 16 after topping 65 on Aug. 5. That was also the day the S&P 500 suffered its worst session since 2022 amid a global market selloff sparked by weak July jobs reports and Japan’s interest rate hike.
But strong retail sales data and a weak inflation report last week helped calm investors’ concerns about the economy. The S&P 500 and Nasdaq rose more than 1% for the month, underscoring the dramatic turnaround in the market.
“There was a sell-off, people reassessed what was going on, and we got back to the fundamentals of corporate America and the economy,” said Tom Hainlein, chief investment strategist at U.S. Bank Wealth Management. “Once we did that, we saw investors come back into the stock market.”
This week, investors are preparing for the Federal Reserve's annual meeting. Jackson Hole Economic SymposiumFed Chairman Jerome Powell is scheduled to speak on Friday. Before that, traders will analyze the minutes of the central bank’s July monetary policy meeting, scheduled for Wednesday.
Wall Street is looking for hints about what to expect at the Federal Reserve's next policy meeting. With Fed funds futures pointing to a definite rate cut, according to CME FedWatch ToolThe only debate is whether central bankers will cut lending rates by a quarter point or half a point in September.
Fed officials want to signal that they are “at the top of the curve, not behind it,” said Sam Stovall, chief investment strategist at CFRA Research. “But at the same time, they don’t want to be too aggressive in removing the pressures before the fire is out.”
Cyber Security Company Palo Alto Networks Amazon shares jumped more than 8% after it beat analysts' estimates for its fiscal fourth-quarter results and outlined a $500 million share buyback plan. Louise Apple Inc. shares fell more than 1% after reporting worse-than-expected revenue and cutting its annual profit forecast, citing an expected slowdown in consumer spending.
Beyond profits, Bank of America Apple shares fell more than 2% as Warren Buffett Group shares fell Berkshire Hathaway Stocks continue to flood.
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