Losses in the stock market deepened during midday trades on Thursday as the annual economic symposium at Jackson Hole, Wyo., began. The Dow was trading 0.4% lower, the S&P 500 fell 0.5%, and the Nasdaq lagged the most with a 1% decline. The Russell 2000 and Innovator IBD 50 ETF also fell slightly. Volume was higher on the Nasdaq and lower on the NYSE compared to the same time on Wednesday.
Nvidia saw a reversal after analysts at Citi issued a price target, holding a buy rating for the stock. Analysts expect a strong outlook for the company’s newest AI chip, Blackwell, after its second-quarter results are announced next week. Private-sector output estimates for August were slightly higher than expected, according to the S&P Global Flash U.S. Composite PMI index.
Initial jobless claims for the week were lower than estimates, while existing home sales for July exceeded expectations. Breakouts in the MarketSurge Growth 250 included Manhattan Associates, Intuit, and AppLovin. Meta Platforms broke out past a buy point but shares dipped below the entry shortly after.
In the stock market today, IBM and Walmart were showing strength, while tech and healthcare stocks in the Dow were mixed. Several stocks, such as Williams-Sonoma, BJ’s Wholesale Club, and Urban Outfitters, experienced sell-offs after reporting earnings. On the other hand, Peloton and Snowflake saw positive movement after their quarterly reports.
Overall, it appears that a mix of positive and negative factors from economic data and earnings reports influenced the market’s performance on Thursday. Investors will be looking ahead to Fed Chair Jerome Powell’s keynote speech and the upcoming Federal Reserve meeting in mid-September for further insights into the market’s direction.
