The markets closed mostly in the red today, with the Dow down 157 points, the S&P 500 down 24 points, and the Nasdaq down 90 points. However, the small-cap Russell 2000 managed to finish in the green, up 4 points. S&P flash Manufacturing and Services PMI for August exceeded expectations, with Manufacturing hitting a 3-year high at 53.3 and Services at 55.4.

Earnings reports after the close were positive for Zoom Communications, beating earnings by 10% and reporting +4.7% revenue growth year over year. Intuit also outperformed earnings by 38% year over year, but shares fell 5% in the after-market due to lackluster guidance. Ross Stores saw a 5% revenue increase year over year, with shares up 2.3% in late trading.

Tomorrow, Fed Chair Jerome Powell will address the Economic Symposium in Jackson Hole, with expectations for commentary on future interest rate decisions. Personal Consumption Expenditures data will be released next week, with year-over-year PCE at +2.6% and +2.8% on core last reported. Software stocks are expected to soar due to AI growth.

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