{"id":120480,"date":"2021-08-26T20:32:54","date_gmt":"2021-08-26T20:32:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=120480"},"modified":"2021-08-26T20:32:54","modified_gmt":"2021-08-26T20:32:54","slug":"wall-street-loses-ground-snapping-rally-on-afghanistan-fed-concerns","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/wall-street-loses-ground-snapping-rally-on-afghanistan-fed-concerns\/","title":{"rendered":"Wall Street loses ground, snapping rally on Afghanistan, Fed concerns"},"content":{"rendered":"

NEW YORK (Reuters) – Wall Street closed lower on Thursday, ending a streak of all-time closing highs on concerns over developments in Afghanistan, while fears of a potential shift in U.S. Federal Reserve policy prompted a broad but shallow sell-off the day before the Jackson Hole Symposium.<\/p>

FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS\/Andrew Kelly\/File Photo<\/figcaption>

All three major U.S. stock indexes ended the session in the red, with the S&P and the Nasdaq notching their first down day in six.<\/p>\n

The sell-off firmed after hawkish commentary from Dallas Fed President Robert Kaplan and a blast outside the Kabul airport in Afghanistan helped strengthen the risk-off sentiment.<\/p>\n

Kaplan, who is not currently a voting member of the Federal Open Markets Committee, said he believes the progress of economic recovery warrants tapering of the Fed\u2019s asset purchases to commence in October or shortly thereafter.<\/p>\n

Kaplan\u2019s remarks followed earlier comments from the St. Louis Fed President James Bullard, who said that the central bank is \u201ccoalescing\u201d around a plan to begin tapering process.<\/p>\n

\u201c(Kaplan\u2019s statements) caused a little confusion about the taper timeline, but in my opinion the equity markets are focused on geopolitical issues,\u201d said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors in Hunt Valley, Maryland. \u201cThere\u2019s a flight to safety during geopolitical tensions.\u201d<\/p>\n

\u201cI am surprised the market the market hasn\u2019t fallen more, given the fear that it could take focus away from (U.S. President Joe Biden\u2019s) domestic agenda,\u201d Horneman added.<\/p>\n

The economy grew at a slightly faster pace than originally reported in the second quarter, fully recovering its losses from the most abrupt downturn in U.S. history, according to the Commerce Department. But jobless claims, though still on a downward trajectory, ticked higher last week.<\/p>\n

For an interactive GDP graphic, click here here.<\/p>\n

The data did little to move the needle with respect to expectations that the Fed is unlikely tip its hand regarding the taper timeline when Chairman Jerome Powell unmutes and delivers his speech at Friday\u2019s virtual Jackson Hole Symposium.<\/p>\n

\u201cWe\u2019re going to see a lot of market participants analyze every word (Powell) uses, but at the end of the day, they will begin tapering,\u201d Horneman said. \u201cI\u2019m more concerned about the speed at which they taper. What are they going to start with? That will give us a clearer indication as whether they\u2019re getting more hawkish.\u201d<\/p>\n

The Dow Jones Industrial Average fell 192.38 points, or 0.54%, to 35,213.12, the S&P 500 lost 26.27 points, or 0.58%, to 4,469.92 and the Nasdaq Composite dropped 96.05 points, or 0.64%, to 14,945.81.<\/p>\n

Of the 11 major sectors in the S&P 500, all but real estate ended the session lower, with energy stocks suffering the steepest percentage loss.<\/p>\n

Discount retailers Dollar General Corp and Dollar Tree Inc slid 3.8% and 12.1%, respectively, after warning higher transportation costs will hurt their bottom lines.<\/p>\n

Coty Inc jumped 14.7% after the cosmetics firm said it expects to post full-year sales growth for the first time in three years.<\/p>\n

Salesforce.com Inc hiked its earnings forecast as the shift to a hybrid work model is expected to fuel strong demand. Its shares advanced 2.7%.<\/p>\n

NetApp Inc jumped 4.7% as brokerages raised their price targets in the wake of the cloud computing firm\u2019s better-than-expected 2022 earnings outlook.<\/p>\n

Declining issues outnumbered advancing ones on the NYSE by a 2.99-to-1 ratio; on Nasdaq, a 1.83-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 31 new 52-week highs and two new lows; the Nasdaq Composite recorded 82 new highs and 39 new lows.<\/p>\n

Volume on U.S. exchanges was 8.27 billion shares, compared with the 8.96 billion average over the last 20 trading days.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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