Investor Anxiety Grows as Fed Symposium Looms
Investors braced for a lower Wall Street open as caution mounts before the Federal Reserve's Jackson Hole conference. Walmart reported strong sales but its shares fell due to negative market sentiment. Technology stocks saw a dip amidst fears of overvaluation, while Boeing shares rose on potential China deals.
Wall Street is poised for a lower opening on Thursday as investor caution prevails ahead of the Federal Reserve's upcoming conference in Jackson Hole. Although Walmart raised its fiscal year sales and profit forecasts, its shares dipped by 2.5% in premarket trading, not boosting market sentiment as expected.
Art Hogan, chief market strategist at B Riley Wealth, noted that overall retailer results are positive, yet the market is adopting a risk-averse tone. Meanwhile, technology stocks such as Nvidia, AMD, and Meta experienced declines, prompting fears of overvaluation and growing government interference in the sector.
In corporate news, Boeing's shares increased by 1.7% following reports of potential jet sales to China, whereas Coty's shares dropped 19% after forecasting a decline in U.S. sales. With the spotlight on the Fed's symposium, traders await Chair Jerome Powell's speech for cues on a possible interest rate cut in September amid rising jobless claims.
(With inputs from agencies.)
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