Stock market today: Dow in worst week since March as focus shifts to Powell
Investing.com — The Dow eked out a win, but that was of mere consolation as stocks posted their worst weekly loss since March ahead of the Fed chair Jerome Powell’s appearance at the Jackson Hole economic policy symposium next week.
The Dow Jones Industrial Average rose 0.1%, or 27 points, Nasdaq fell 0.20%, and the S&P 500 was flat.
Tech added to losses led by weakness in seen so far this week, pressured by worries that rising Treasury yields, the enemy of growth sectors like tech, could continue to advance as Powell will likely reiterate the need for higher for longer rate environment at the Jackson Hole symposium next week.
Treasury yields took a breather on Friday just a day after the 10-year Treasury yield closed at its highest level since 2007.
Further upside could see the 10-year Treasury yield move break out to near 5%.
“If you assume a breakout to the upside in the 10-year Treasury yield from current levels… then the 4.8% to 5% range could potentially be a decent objective,” David Keller, Chief Market Strategist at StockCharts told Investing.com’s Yasin Ebrahim in an interview on Friday.
Deere & Company (NYSE:DE) fell more than 5% as fears grow that the boom in sales of tractors and other machinery last have peaked amid falling crop prices offset a quarterly beat and raise.
Estee Lauder Companies (NYSE:EL delivered annual guidance that fell short of Wall Street estimates, offsetting better-than-expected quarterly. The cosmetic company's downbeat guidance comes as a slow recovery in Asia continued to weigh on performance. Its shares fell more than 3%.
Chip stocks inched higher, but continue to stare down the barrel of a third weekly loss as investors appear to continue taking profit of gains ahead of Nvidia’s
Read more on investing.com
