Wall St ends lower as tech shares weigh; Jackson Hole in focus

Wall St ends lower as tech shares weigh; Jackson Hole in focus

By Stephen Culp

Thu August 22, 2024 5:36 PM

It was pretty much a straight path down on all the indexes as tech shares sank and, as today’s expert put it, “There doesn’t appear to be any kind of a clear catalyst as to what’s driving this sell off.”  Indeed, there was nothing but more good news today as jobless claims increased bolstering further a softening labor market which, in turn, eased recession fears and maintained confidence in a September rate cut, which Powell is widely expected to announce on Friday. There remains debate between a ¼ point and ½ point but the odds are heavily weighted toward a ¼ as Powell is expected to proceed with caution.  With these developments, the sell off is somewhat of a mystery but the low volume of 9.8 billion, still way below the 4-week average of 11.9 ahead of Jackson Hole is no mystery at all. 

DJ: 40,890.49  +55.52      NAS: 17,918.99  +102.05      S&P: 5,620.85  +23.73         8/21

DJ: 40,712.78  -177.71     NAS: 17,619.35  -299.63       S&P: 5,570.64  -50.21          8/22

Thu 8-22-24 5:36 pm Wall St ends lower as tech shares weigh; Jackson Hole in focus | Reuters