The S&P 500 Ends Eight-Day Winning Streak as Energy Stocks Fall Ahead of Jackson Hole Symposium - Investment Analysis
In a market update, the S&P 500 snapped its eight-day winning streak, with energy stocks leading the decline. The cautious trading was influenced by the upcoming Jackson Hole Symposium, where clues on monetary policy are expected to be revealed.
At 16:00 ET (21:00 GMT), the S&P 500 fell 61 points, or 0.2%, while the Nasdaq and Dow slipped 0.2% and 0.4% respectively.
Energy stocks took a hit after oil prices gave up gains amidst uncertainty on a ceasefire deal in Gaza. Valero Energy Corporation, APA Corporation, and Marathon Petroleum Corp were among the biggest decliners in the energy sector.
Investors are now awaiting the Jackson Hole Symposium for potential rate cut cues. Federal Reserve Chair Jerome Powell's address is anticipated to shed light on a possible interest rate cut in September.
The Democratic National Convention is also in focus as President Joe Biden and Vice President Kamala Harris gear up for the 2024 presidential race. The race seems to be tightening, with Harris gaining ground and becoming a strong contender.
In other news, Lowe's cut its annual forecasts, while Palo Alto Networks rallied on earnings delight and Eli Lilly's weight loss drug showed promising results.
This market update highlights the current market trends and events that could impact investment decisions. Stay informed and make wise financial choices based on the latest developments in the financial markets.