Stocks Surrender Gains After Hawkish Fed Minutes

July's Fed minutes indicated the potential for "further tightening of monetary policy"

Managing Editor
Aug 16, 2023 at 4:25 PM
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The Dow gave back a triple digit lead today, extending its August pullback after the Fed meeting minutes from July signaled more rate hikes ahead. The blue-chip index completed a 360-point reversal, after last month's notes disclosed "most participants continue to see significant upside risks to inflation, which could require further tightening of monetary policy." The S&P 500 and Nasdaq fell as well, the latter logging its lowest close since June 27.  

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

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NYSE Nasdaq 0816

5 Things to Know Today

  1. The monumental Inflation Reduction Act (IRA), one year later. (MarketWatch)
  2. The Russian ruble is falling, but the beat goes on. (Bloomberg)
  3. How this retail stock won the day.
  4. Tax stock has room to run after earnings win.
  5. A post-earnings pullback can't stop GE stock

Coroprate Earnings Aug 16

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Gold, Oil Join the Slide

Oil prices suffered a third-straight loss today, weighed down by pressures at home and abroad. September-dated oil shed $1.61, or 2%, to settle at $79.38 per barrel.

Gold fell as well, to its lowest level since early July. December-dated gold lost $6.90, or 0.4%, to settle at $1,98.30 an ounce.

 

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