Wall Street is trying to react higher on Tuesday after the heavy losses caused by the aggressive speech of the chairman of the Federal Reserve, Jerome Powell on Friday.
The Fed chairman’s stark warnings that the central bank will continue its drive to rein in inflation even if it means more pain for businesses and households led to a massive selloff in the market on Friday, while indexes lost ground and on Monday. The total losses of the S&P 500 index in the last two sessions reach 4%.
Wall Street’s big losses don’t seem to worry central bank officials, as shown by the latest statements by the president of the Minneapolis Federal Reserve Bank, Neel Kashkari, who, speaking to Bloomberg on Monday, pointed out that the plunge of the market after the statements Powell’s was well received.
“I was actually pleased to see how Powell’s speech in Jackson Hole was received … people now understand the seriousness of our commitment to get inflation back to 2 percent,” Kashkari said.
Indicators – Statistics
On the board, the Dow Jones gained 19.76 points, or 0.06%, to 32,118.75, while the S&P 500 lost 5.77 points, or -0.13%, to 4,025.32. The tech Nasdaq rose 5.84 points, or 0.02%, to 12,019.14.
Of the 30 stocks that make up the Dow Jones industrial index, 19 move with a positive sign and 11 with a negative sign. Salesforce was the biggest gainer with gains of $2.95 or 1.84% to $163.16, followed by Nike at $109.12 with a gain of 1.15% and Boeing with gains of 0.76 % to $166.67
The biggest losers are Chevron (-2.59%), Caterpillar (-1.69%) and Dow (-0.87%).
At the end of the day, data released today showed that price growth in the property market continued to slow over the summer.
Specifically, the S&P CoreLogic Case-Shiller price index for 20 U.S. metropolitan areas rose 18.6% year-over-year in June, up from a 20.5% annual gain the previous month.
On a monthly basis, the index rose 0.4% in June, following a 1.3% rise in May.
In business developments, shares of Twitter lost 0.7% after Elon Musk sent a letter to the company formally informing it that he was ending the deal for the acquisition.
A 1.4% increase is also noted by Best Buy Inc. after announcing its latest quarter results that showed profit and revenue fell less than expected as they got a boost from stronger online sales.
Source: Capital
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