Stocks retreated this afternoon, with the Dow suffering a 177-point drop, brushing off the week's earlier gains as investors turn their attention to Fed Chair Jerome Powell's long-awaited speech tomorrow. Ahead of the Jackson Hole Economic Symposium and especially after Wednesday's July Fed minutes supported a September rate cut, investors are eager for more insight into the central bank's future monetary policy. Another catalyst moving markets is rising Treasury yields, with the 10-year note touching 3.875% this afternoon.
Continue reading for more on today's market, including:
- Signal: Netflix stock ripe for more records.
- Stay up-to-date ahead of next week's economic schedule.
- Plus, Chewy earnings check-in; options trading 101; CROX refreshes its PR.
5 Things to Know Today
- Moderna (MRNA) and Pfizer (PFE) have received approval from the Food and Drug Administration for their latest Covid-19 vaccine, pointed to treat variant KP.2. (CNBC)
- For the first time in five months, prices on homes rose. For July, numbers jumped 1.3% to an annual rate of 3.95 million. (MarketWatch)
- Pre-earnings CWY a short squeeze candidate.
- How time decay affects options trading.
- Sydney Sweeney, Crocs' new savior?
Gold Dragged Lower on Yields, Dollar
Bouncing back from yesterday's seven-month lows, oil scraped together a win. For the session, October-dated West Texas Intermediate (WTI) crude added $1.08, or 1.5%, to close at $73.01.
Ahead of tomorrow's Powell speech and amid rising bond yields and greenback, gold failed to close in the black. The precious metal turned in its worst daily loss in a month, with gold for December delivery settling $30.80, or 1.2% lower at at $2,516.70.
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