Stocks Pare Losses, Still Finish in the Red

Interest rate hike fears are still haunting Wall Street

Digital Content Manager
Aug 29, 2022 at 4:27 PM
facebook twitter linkedin


Stocks managed to pare most of their losses on Monday, but still settled modestly below breakeven. Interest rate hike fears haunted Wall Street for most of the day, with Federal Reserve Chairman Jerome Powell's hawkish speech at the Jackson Hole Symposium still ringing in investors' ears.

After being down over 300 points at its session lows, and briefly reaching positive territory, the Dow ultimately finished 184 points lower. The S&P 500 and Nasdaq also finished in the red, with the tech sector bearing the brunt of those losses. Amid today's whipsaw price action, the Cboe Volatility Index (VIX) settled at its highest level since July 14.  

Continue reading for more on today's market, including:

  • Sector headwinds could weigh on this blue-chip stock.
  • Etsy stock brushes off seller pushback.
  • Plus, Chinese stock enjoys post-earnings pop; Netflix prices ad-supported version; and what hurt CTLT.

The Dow Jones Average (DJI - 32,098.99) dropped 184.4 points, or 0.6% for the day.  Walmart (WMT ) led the gainers, adding 1%. Salesforce (CRM) paced the laggards with a 3% drop.

The S&P 500 Index (SPX -  4,030.61) shed 27.1 points, or 0.7% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,017.67) lost 124 points, or 1% for the session.

Lastly, the Cboe Volatility Index (VIX - 26.21) added 0.7 point, or 2.5% for the day.

Closing Indexes Summary August 29

NYSE and Nasdaq Stats August 29

5 Things to Know Today

  1. Honda Motor and LG Energy Solution plan to build a $4.4 billion battery plant for electric vehicles in the U.S., which could begin production by late 2025. (CNBC)
  2. Bed Bath & Beyond (BBBY) surged ahead of a "business and strategic update," with meme-stock traders taking aim at the home goods retailer. (MarketWatch)
  3. China-based stock rises on upbeat second-quarter results.
  4. Ad-supported version of Netflix bound to hit the market soon.
  5. Declining Covid-related product revenue hurt Catalent stock.

Earnings August 29

Unusual Options Activity August 29

Oil Rallies as Tensions Build in Libya

Oil prices moved higher on Monday to settle at their highest level in one month. Boosting black gold today was the risk of a civil war breaking out in Libya, as well as expectations that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will cut production. October-dated crude added $3.95, or 4.2%, to close at $97.01 per barrel.

Meanwhile, gold prices finished modestly lower as Treasury yields rose. A weaker U.S. dollar capped those losses, however, as traders eyed the release of monthly jobs data later this week. December-dated gold shed 10 cents to close at $1,749.70 an ounce.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners