Powell at Jackson Hole, Fed Minutes, Walmart Earnings
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2hon MSN
Wall Street drifts in premarket trading while Target tumbles on sluggish sales and a CEO change
Wall Street continues to drift while news of a leadership change at Target took some of the spotlight away from the latest batch of corporate earnings reports.
The heaviest weight on the market was Nvidia, whose chips are powering much of the move into AI. It sank 3.5%.
Wall Street shares dropped on Wednesday, with a tech selloff extending into a second day, while a key meeting of central bankers later this week remained in focus for currency and rates traders.
Dow futures slipped slightly on Wednesday as investors adopted a cautious stance ahead of Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium.
The S&P 500 slipped 0.4% and is on track for a third straight modest loss after setting its all-time high last week. The Dow Jones Industrial Average was up 8 points, or less than 0.1%, as of 11:50 a.m. Eastern time, and the Nasdaq composite was down 1%.
The tech sector was behind much of the market recovery from the April selloff, but investors have started to take stock of the elevated valuations, sending the S&P 500 and the Nasdaq to their worst day in more than two weeks on Tuesday.
Wall Street faded on Tuesday following drops for Nvidia and other stars that have been riding the mania surrounding artificial-intelligence technology.
Key Takeaways All eyes are on Federal Reserve chair Jerome Powell, whose speech at the central bank's annual Jackson Hole Symposium could test the stock market rally that's lifted stocks to record highs.
Fed minutes are due, and top retailers will report earnings in the coming week. But the main attraction will be Jerome Powell's speech on Friday.
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