← Go back Aug 08, 2023
The stock market experienced a turbulent day on Thursday, with the Nasdaq and the S&P 500 initially surging on strong results from chip giant Nvidia, but ultimately ending the day lower. All eyes are now on Chair Powell, who is expected to deliver a speech at the Jackson Hole Symposium on Friday. It is anticipated that Powell will maintain a hawkish stance on interest rates, which will continue to be determined by economic data. Investors will have to wait until September 13 for the release of the August consumer price index data, which could potentially lead to another interest rate increase if it shows an upward trend. This would push the benchmark lending rate to its highest level since 2001. Treasury yields closed higher on Thursday, following significant buying on Wednesday due to attractive yields. The concerns about the U.S. and China economies have impacted the oil market, threatening the strong summer rally for crude oil. Brent and West Texas Intermediate crude closed flat on Thursday, with traders taking advantage of early weakness. Natural gas, on the other hand, closed modestly higher. remained flat on Thursday, despite showing some signs of life earlier in the week. The decline in U.S. durable goods and weekly jobless claims were cited as minor headwinds. Bitcoin, however, experienced a significant decline of 16% since early July. Analyst research reports on Friday highlighted upgrades, downgrades, and initiations for various stocks. Abercrombie & Fitch received an Outperform rating with a raised target price, while Amazon.com was reiterated as Overweight with an increased target price.
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