Today’s Market Wrap Up and a glimpse of Friday

Shares fell after a record session for the S&P 500 and Nasdaq. Today the Dow Jones Industrial Average fell nearly 200 points, while the S&P 500 and tech-heavy Nasdaq each fell about 0.6%.

The mood on Wall Street changed after a development out of Kabul in which US troops and Afghans were killed in an explosion at the airport. Investors are also watching and waiting for Federal Reserve Chairman Jerome Powell to tip his hand at economic stimulus and inflation during Friday’s Jackson Hole symposium.

Stock index futures turned green during extended hours trading. The Dow, S&P 500 and Nasdaq all regained some ground ahead of Friday’s session, with all eyes on Jackson Hole.

Stocks to watch

  • Shares of clothing retailer The Gap rose 6% in after-hours trading on better-than-expected quarterly results. Sales rose to over $4 billion and The Gap also raised its full-year earnings outlook, despite supply chain issues, the threat of the delta variant and inflation risks.

  • Southwest Airlines is trading lower after the company announced it would cut flights starting next month. The company is adjusting its schedule in response to staff responses that were spread too thin. Southwest has already suffered from weaker demand due to a spike in COVID cases.

  • Shares of meme stocks AMC entertainment fell 8% on the day. Stocks started to recover with modest gains in the after-hours market and no apparent catalyst anyway.

  • Shares of US automaker Ford apparently fell 2% in response to chip problems that continue to plague the industry.

  • A technical glitch allowed FBI agents to access classified evidence data using Palantir Technologies software that they otherwise would not have been allowed to see. On social media, users were quick to defend Palantir and blame the agents. Shares of Palantir gained 2% on the day.

Looking forward

The Federal Reserve meeting in Jackson Hole is in focus pending Chairman Powell’s speech. The theme of this year’s symposium, which will take place virtually, is ‘Macroeconomic policies in an unequal economy’.

Despite Thursday’s declines, the three major stock market indices are poised to close out the month of August with gains.

This article was originally posted on FX Empire

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