Wall St ends lower ahead of Jackson Hole, snapping multi-session rally
By Stephen Culp
Tue August 20, 2024 6:41 PM
End of summer is typically a time of market volatility and political conventions typically add to this, all reflected in the wildly seesaw action today, the Dow swinging back and forth a number of times mostly in the red but very briefly barely in the black. After an eight-day winning streak, the longest since late last year, it was time for some caution especially ahead of Jackson Hole which begins Thursday. Also another employment report is due out tomorrow.
Powell will speak Friday at the conclusion of Jackson Hole and his words will be sharply parsed for clues once again about coming cuts with bets swinging back and forth between a September cut at ½% or ¼%. Today’s odds at 30% for ½ and 70 for ¼. For the past six years, stocks have risen impressively after Jackson Hole with the exception of 2022 when they fell sharply. Volume came in at 9.9 billion, again well below the 4-week average of 12.2, but this is typical of the combo of both late summer and Fed fence sitting.
DJ: 40,896.53 +236.77 NAS: 17,876.77 +245.05 S&P: 5,608.25 +54.00 8/19
DJ: 40,834.97 -61.56 NAS: 17,816.94 -59.83 S&P: 5,597.12 -11.13 8/20
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