Newscasts - Wall St ends lower as tech shares weigh

Urban Outfitters

22/08/2024 23:21

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Source: 'Reuters - Business videos'

Description: All three major U.S. stock indexes lost ground on Thursday,
weighed by technology shares, as global central bank officials convened at the
Jackson Hole Economic Symposium. Alex Cohen has more.
Short Link: https://refini.tv/3Z1ooXn

Video Transcript:

US socks fell across the board Thursday as all of the mega-cap technology
stocks in the Magnificent Seven lost ground. The Dow slid 0.40%, the S&P 500
dropped about 0.90%, and the tech-heavy NASDAQ finished down nearly 1.7%. The
declines come ahead of Federal Reserve Chair Jerome Powell’s speech
Friday in Jackson Hole at the central bank’s annual economic symposium
there. He is expected to assure the markets that the Fed will cut interest
rates in September. Traders see a 75% chance of a 25-basis-point reduction
then and just a 25% percent chance of a 50-basis-point cut according to
CME’s FedWatch Tool. FBB Capital Partners President Mike Mussio says
investors will be paying close attention to Powell's speech.

What we think investors should be listening for tomorrow from Fed Chair Powell
is a tone that supports a trajectory of rate cuts at a pace that is
reasonable, that would support a soft-landing type of path for the economy. If
they hear anything that seems a little bit more concerning and that might be
the support of a 50-basis point cut. I think participants could get a little
bit jittery that the Fed is seeing something in the data that maybe you know
we aren't.

Stocks on the move included Zoom Video Communications which jumped 13% after
raising its annual revenue forecast. And Urban Outfitters plunged 9.6% after
the apparel retailer posted quarterly same-store-sales growth that missed
forecasts