Regional Fed presidents don't currently see the need for more rate cuts
Stocks seesawed today, trading on both sides of breakeven, with investors mostly monitoring updates from the Jackson Hole symposium. With Fed Chair Jerome Powell due to speak tomorrow, multiple regional Fed presidents said they don't see the need for more rate cuts at the moment. Traders also reacted to another brief inversion of the yield curve and disappointing manufacturing data. In all, the Dow managed a solid gain thanks to Boeing's (BA) big day, though the S&P and Nasdaq struggled to gain momentum.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,252.24) traded down more than 100 points during the day, but managed a 49.5-point, or 0.2%, win. Half of the Dow's 30 components closed higher, led by BA's 4.2% pop. UnitedHealth Group (UNH) was the biggest loser, dropping 3.1%.
The S&P 500 Index (SPX - 2,922.95) lost 1.5 points, or 0.05%, while the Nasdaq Composite (IXIC - 7,991.39) gave back 28.8 points, or 0.4%.
The Cboe Volatility Index (VIX - 16.68) rose 0.9 point, or 5.6%.
5 Items on our Radar Today
- Apple (AAPL) is reportedly planning to introduce new Pro iPhones in the coming weeks. The tech giant may also unveil new iPads and MacBooks in September. (CNBC)
- Borrowing to pay for capital investments increased among U.S. companies in July. Companies borrowed $9.4 billion in the month, up $1.2 billion from last year. (Reuters)
- The technical floor traders see for L Brands stock.
- Investors cheered Nordstrom's strong earnings.
- One e-commerce stock Stifel likes.
Data courtesy of Trade-Alert
Supply Surplus Concerns Weigh on Oil
Oil prices tumbled today on demand fears. October crude futures finished down 33 cents, or 0.6%, at $55.34 per barrel.
Gold prices dipped following today's Fed comments. God for December delivery was down $7.20, or 0.5%, at $1,508.50 an ounce at the close.