S&P 500 ends 8-day win streak as energy stocks fall before Jackson Hole Symposium

From Investing.com: 2024-08-20 16:18:43

The S&P 500 ended its eight-day winning streak, with energy stocks falling before the Jackson Hole Symposium that could provide clues on monetary policy. Indices closed lower, with the S&P 500 down 0.2%, and the Dow and Nasdaq slipping 0.2% and 0.4% respectively.

Hamas expressed uncertainty on a ceasefire deal with Israel, leading to a drop in energy stocks, including Valero Energy Corp and Marathon Petroleum Corp. Jackson Hole is anticipated for potential rate cut cues, as Fed Chairman Powell could hint at a 25 or 50 basis point reduction in interest rates.

In focus is the Democratic National Convention and a potentially tight 2024 presidential race with both parties gearing up. Robert F. Kennedy Jr. is contemplating joining forces with Donald Trump or remaining a third-party alternative. Lowe’s cut its annual forecasts, while Palo Alto and Eli Lilly saw stock surges after positive earnings reports and a successful weight loss drug trial.



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