Wall Street Declines as Market Awaits Jackson Hole Conference Updates

The S&P 500 Index Declined on Thursday (August 22) as Investors Prepared to Hear the Speech by Federal Reserve Chair Jerome Powell at the Central Bank's Annual Jackson Hole Symposium.

At the Close of Trading on August 22, the S&P 500 Index Fell 0.89% to 5,570.64 Points. The Dow Jones Lost 177.71 Points (or 0.43%) to 40,712.78 Points. The Nasdaq Composite Dropped 1.67% to 17,619.35 Points as Technology Stocks Came Under Pressure from an Intraday Sell-off.

Thursday's Decline Marks a Downturn Following a Largely Positive Period Seen as a Rebound from the Global Market Volatility on August 5. All Three Major Indexes Were Up at Some Point During the Session, with the S&P 500 Approaching Its All-Time High from July 2024 Before Reversing Course.

U.S. Stocks Faced Selling Pressure on Thursday Amid Rising Bond Yields and Struggles Among Some Technology Stocks. Notably, the 10-Year U.S. Treasury Yield Climbed Nearly 9 Basis Points to 3.863%. The Information Technology Sector Led the S&P 500's Decline, Falling Over 2%, Highlighting the Sector's Weakness.

U.S. Equities Slipped on Thursday as Market Participants Turned Their Attention to Fed Chair Powell’s Speech at the Jackson Hole Economic Symposium on August 23, Hoping for Greater Clarity on Interest Rate Policy. Investors Widely Expect a Rate Cut Next Month, According to the CME FedWatch Tool, but There Is Still Debate Over Whether the Cut Will Be 0.25% or 0.5%.

This Comes on the Heels of the Release of the Fed’s July Meeting Minutes on August 21, Which Showed That Most Participants Felt It "Could Be" Appropriate to Lower Rates at the September Meeting if Economic Data Continues to Meet Expectations.

With Thursday's Decline, the Nasdaq Composite Is Just Below the Flatline for the Week. The Dow Jones and S&P 500 Have Gained 0.1% and 0.3%, Respectively.