Stock Market Today Mid-Morning Updates
On Friday morning, the Dow Jones Industrial Average started to rebound after dropping by 200 points early Friday morning. This comes following comments from Federal Reserve Chair Jerome Powell’s Jackson Hole speech. In detail, Powell warned investors that may be ‘some pain’ ahead in their efforts to get bring down inflation.
In his speech, he also reaffirmed the Fed will continue to increase interest rates to help battle inflation. Moreover, Powell stated, “restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.”
Additionally, as this week winds down investors are still paying close attention to companies that still have to report their corporate earnings. Specifically, on Friday morning, retail companies such as JinkoSolar Holdings Company (NYSE: JKS) reported earnings. Meanwhile, investors await earnings from companies like Pinduoduo Inc. (NASDAQ: PDD), Best Buy Co, Inc. (NYSE: BBY), and Futu Holdings Ltd (NASDAQ: FUTU) will report their most recent quarterly earnings early next week.
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Dow Jones Today: Dow Jones Leaders Fall Following Fed Chair Powell’s Comments During Jackson Hole Speech
Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are trading down by 0.26% on Friday morning, while Microsoft (NASDAQ: MSFT) is also down by 0.23%. Meanwhile, shares of Nike, Inc. (NYSE: NKE), and The Walt Disney Co (NYSE: DIS) shares are trading lower on Friday morning. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are also red during Friday morning’s trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) gained on Friday by 1.22%. Rival EV companies like Rivian are also trading lower by 1.61%. Lucid Group (NASDAQ: LCID) stock moved slightly lower on Friday morning by 0.62%. Aside from that, Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading mixed on Friday.
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Stock Market Today: U.S. Treasury Yield Increases To 3.061%
Following the stock market opening on Friday, the major indices opened lower. The Dow is trading lower by 0.57%, the S&P 500, and Nasdaq are also red on Friday morning by 0.75%, and 0.92%, respectively.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) moved lower on Friday morning by 1.10% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down by 0.98%. The benchmark 10-year U.S. Treasury yield is at 3.061% during the Friday morning trading session.
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