2023-08-22 20:43:27
File photo of a Wall Street sign outside the New York Stock Exchange
par Caroline Valetkevitch
NEW YORK (Archyde.com) – The New York Stock Exchange ended in disarray on Tuesday, with only the Nasdaq ending marginally higher, amid heightened concern over whether the Federal Reserve (Fed) decides to hold rates interest rates for longer than expected and while the banking sector has declined.
The Dow Jones index fell 0.51%, or 174.86 points, to 34,288.83 points.
The broader S&P-500 lost 12.22 points, or 0.28%, to 4,387.55 points.
The Nasdaq Composite advanced for its part by 8.28 points (0.06%) to 13,505.87 points.
Like Moody’s earlier this month, S&P Global downgraded the credit ratings and revised the outlook for several U.S. banks, causing their stocks and the S&P-500 banking index to drop by 2.4%.
Among the major S&P-500 sectors, financials fell 0.9% and weighed on the index.
Investors are hoping for clarity on the Fed’s monetary policy when U.S. central bank chief Jerome Powell speaks at the weekend’s Jackson Hole meeting in Wyoming.
The assumption that the Federal Reserve will keep interest rates high for longer than expected benefited bond yields. US 10-year Treasuries hit a nearly 16-year high.
Ahead of Jerome Powell’s comments, investors are also impatiently awaiting, on Wednesday following the close, quarterly results and forecasts from Nvidia.
The semiconductor maker surprised with a lofty forecast in May, prompting a rebound in its stock and the tech sector as a whole, amid heightened interest in artificial intelligence (AI).
After hitting an all-time high of $481.87 during the session, Nvidia ended down 2.8%.
Among the other movements of values to note, the decline of several department stores, including Macy’s which plunged 14.1% following a warning on consumption for the crucial holiday period. Kohl’s lost 10.3% and Nordstrom 9.8%.
(French version Jean Terzian)
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