US Stocks Fall As Dollar, Treasury Yields Rise Ahead Of Fed's Jackson Hole; Oil Rebounds: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
US stocks fell on Thursday as traders awaited Fed Chair Powell's speech at the Jackson Hole Symposium. The dollar and Treasury yields rose, impacting bonds and gold negatively. The energy sector outperformed due to rising oil prices, while tech lagged. Notable stock movements included Snowflake's 12% drop and Zoom's 13% rise.
August 22, 2024 | 5:20 pm
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NEGATIVE IMPACT
Snowflake Inc. shares plummeted 12% due to disappointing guidance despite strong quarterly results.
Investors reacted negatively to Snowflake's guidance, overshadowing strong earnings, leading to a significant stock drop.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares 20+ Year Treasury Bond ETF fell 1.2% as Treasury yields rose, driven by anticipation of Fed Chair Powell's speech.
Rising Treasury yields typically lead to falling bond prices, negatively impacting bond ETFs like TLT.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Technology Select Sector SPDR Fund lagged, down 0.8%, as tech stocks faced pressure.
Tech stocks underperformed, leading to a decline in tech-focused ETFs like XLK.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Energy Select Sector SPDR Fund outperformed, rising 0.6% due to a more than 2% surge in oil prices.
Rising oil prices boost energy sector performance, positively impacting ETFs like XLE.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Zoom Video Communications Inc. shares rose 13% following positive earnings results.
Zoom's strong earnings results led to a positive market reaction, boosting its stock price.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90