MARKET WRAP

Stocks fell today as investors await Fed Chair Powell’s speech at the annual Jackson Hole conference tomorrow.

The Nasdaq led the decline down 1.67%. The S&P 500 and the Russell 2000 were both down less than 1%.

Most of the S&P 500 sectors were lower, with Technology down more than 2%. Energy, Financials, and Real Estate closed the day in the green.

MRKT MATRIX: August 22, 2024

Today’s Top Stories:

• Stocks slide as traders brace for big Powell speech, Treasury yields rise (CNBC)

• Fed’s reliance on monthly data might end up hurting stocks, Tom Lee says (CNBC)

• Quantitative Tightening Goes Global for the First Time, in Test for Markets (Bloomberg)

• How Taylor Swift Fans Broke Economics (WSJ)

• US Shippers Brace for Port Strain as Canada Railways Shut Down (Bloomberg)

• Free Whopper? Walmart+ Offers Cheap Burger King as It Chases Amazon Prime (WSJ)

• Tech industry taps old power stations to expand AI infrastructure (FT)

Today’s MRKT Call is Presented by FactSet

Expect Market Volatility?

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, August 22nd.

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