The S&P 500 ended its eight-day winning streak, driven by declines in energy stocks and cautious trading ahead of the Jackson Hole Symposium, where central bank leaders will discuss monetary policy. The Dow Jones dropped 61 points (0.2%), the S&P 500 also fell by 0.2%, and the NASDAQ slipped 0.4%.
Energy stocks, including Valero Energy, APA Corporation, and Marathon Petroleum, declined after oil prices lost earlier gains due to uncertainties surrounding a Gaza ceasefire deal. Comments from Hamas and U.S. Secretary of State Antony Blinken added to the uncertainty.
Investors are also looking ahead to the Jackson Hole Symposium, where Federal Reserve Chair Jerome Powell is expected to speak. Market watchers are anticipating potential clues on future interest rate cuts, with some analysts speculating on a possible 25 or 50 basis point cut in September.
Other market news included Lowe's cutting its annual forecasts, while Palo Alto Networks and Eli Lilly saw gains following positive earnings reports and drug trial results, respectively.
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Edited 21 Aug 2024, 11:44
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