Positive footwork for the week on Wall Street – Gains across all indices

However, overall for the month the market remains in the “red” – Best performance for technology index – Estimates for the next Fed meeting

The Wall Street indices are trying to “collect” the total… mess of the month at the start of the last week of August. However, despite today's gains, they still have a long way to go!

From the beginning of the session, the indices were on an upward trajectory, which they maintained until the closing bell. The Dow Jones “closed” up 0.62% at 34,599 points, the S&P 500 gained 0.63% at 4,433 points and the Nasdaq fared even better, rising 0.84% to 13,705 points.< /p>

Investors, as early as Friday, chose to see the glass as… half full in relation to what Jerome Powell said during his much-anticipated speech at the Jackson Hole Economic Symposium.

The Fed chairman reiterated that the inflation remains high, possibly paving the way for further interest rate hikes. But he made it clear that the council would proceed very carefully, closely monitoring the flow of evidence.

In light of the new data, a much smaller portion of traders now expect the board to hit the brakes at the September meeting. According to CME's FedWatch Tool, which tracks market trends, the odds of keeping interest rates unchanged next month have fallen to 78.5%, and the odds of another moderate hike have risen to 21.5%.

However, the market is focused on macro data leading up to the September 20 meeting, starting with the Fed's favorite inflation gauge, the personal consumption expenditures (PCE) index, which will be released next Thursday.

The attempt to recover in the indices was mainly focused on the technology sector, which of course recorded the biggest losses for the month. For August as a whole, through last Friday's close, the Dow was down 3.4%, the S&P 500 was down 4% and the Nasdaq was down 5.3%.

Sector-wise, The Technology Select Sector SPDR Fund is the second-biggest loser among the utilities sector.

Today's rally in technology stocks led by Nvidia, Meta and Apple helped to the shear to decrease, but the sector remains vulnerable even in relation to its excellent course in the first half of the year.

Among the gainers of the day, 3M stock also stood out, making significant gains, as it became known that the company is close to settling out of court a series of lawsuits against it over damage to its headphones, while upstart e-mobility company VinFast jumped more than 20%, which within days of its listing on Aug. 15 has surpassed behemoths of the market in terms of market capitalization.

Semiconductor stocks, led by Micron Technology and Marvell Technology, also collectively had a very good session, as did airline stocks, which are still to bet on the dynamic recovery of travel traffic.

Source: 24h.com.cy

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