Stocks Dragged as Economic Deluge Distracts Wall Street

Gold logged its longest losing streak since 2017

Managing Editor
Aug 17, 2023 at 4:32 PM
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After spending the day unpacking a slew of economic data, Wall Street closed in the red, the Dow and Nasdaq each shedding triple digits. Jobless claims dropped from their seven-week highs to 239,000, while treasury yields rose to their highest mark since October, and the Philadelphia Fed fell to 12 for August. Some earnings are trickling in, including an upbeat spell from Cisco Systems (CSCO).

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

  • Semiconductor ready to run higher.
  • Retail mogul gearing up for Q2.
  • Plus, who is slated to dominate next week's earnings; retailer enjoying post-earnings lift; and behind CSCO's blowout report.

Closing Index Summary August 172023

NYSE and Nasdaq Stats August 172023

5 Things to Know Today

  1. Citibank (C) was subpoenaed by U.S. House republicans, regarding its involvement with law enforcement following the Jan. 6 hearings. (CNBC)
  2. Homebuying remains out of reach for many eyeing the market, with mortgage rates staying near 7%. Redfin CEO Glenn Kelman said it's looking like "rock bottom." (MarketWatch)
  3. Sector slated to flood the earnings calendar.
  4. Retailer hammered out a beat-and-raise.
  5. More on Cisco stock's blockbuster earnings.

Earnings 0817

UVOL 0817

Crude Posts Notable Recovery

Oil prices enjoyed a jump this afternoon, higher on the heels of Chinese demand worries and Wednesday's losses. September-dated crude added $1.01, or 1.3%, to settle at $80.39 per barrel.

Gold extended yesterday's losses, marking its ninth-consecutive drop, and longest string of losses since 2017, as the U.S. dollar and bond yields rose. December-dated gold shed $13.10, or 0.7%, to settle at $1,915.20 an ounce.

 

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