Nasdaq Logs Best Week Since July as Inflation Woes Subside

The Dow was unable to capture a weekly gain

Managing Editor
Aug 25, 2023 at 4:28 PM
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Taking over headlines today was the speech from Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium, where Powell remarked inflation is not at the central bank's preferred levels. Wall Street brushed off rate hike fears by late afternoon, however, pushing the Dow to a triple-digit win, though it still marked a weekly loss. The Nasdaq and S&P 500 logged wins for the day and week, with the former also scoring its best week since mid-July.

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

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5 Things to Know Today

  1. Grocery delivery service Instacart is looking to become the first venture-backed initial public offering (IPO) on the Nasdaq in years. (CNBC)
  2. On the heels of opioid lawsuits, drugstore Ride Aid (RAD) is reportedly set to file for Chapter 11 bankruptcy. (MarketWatch)
  3. Analysts drawn to software name's quarterly pop.
  4. Loop Capital: This streaming stock is a "buy." 
  5. Brokerage slams pet food giant before earnings.

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Gold Ekes Out Weekly Win

Oil prices settled higher after today's Fed speech, as the U.S. dollar took a breather. October-dated oil rose 78 cents, or 1%, to settle at $79.83 per barrel for the day, but shed 1% for the week.

The same catalyst as its commodity counterpart pushed gold prices lower for the day. December-dated gold dropped $7.20, or 0.4%, to settle at $1,939.90 an ounce for the session, but snapped its weekly losing streak with a 0.9% win.

 

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