Stocks opened lower on Wall Street, with investors looking ahead to Fed chairman's annual Jackson Hole speech next week.
Published: 2022-08-19 10:46 am
U.S. stocks slide as investors await details on next Fed hike

Stocks are falling on Wall Street, putting the S&P 500 index on track to break a four-week winning streak

After a mixed bag of corporate earnings, more solid jobs data and a steady retail sales report, investors may already be looking ahead to the Federal Reserve's annual Jackson Hole conference in Wyoming next week for indications of when and how much the U.S. central bank might raise its main borrowing rate.

As of 10:15 a.m. Eastern time, the S&P was down 46 points, or 1.1%, to 4,237, while the Dow Jones Industrial Average fell 0.8%. The Nasdaq dropped 1.7%, as technology stocks had some of the biggest losses. 

More interest-rate hikes to come

Minutes of the Fed's July meeting released this week said inflation still is too high and made clear the central bank will keep raising interest rates.

The Fed has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Forecasters expect a hike at the board's September meeting, but whether it's another three-quarters of a point hike or a smaller one may be determined by whether the Fed is influenced more by an historically strong labor market or an economy that's contracted two quarters in a row.

Inflation slowed in July as gasoline prices dropped 05:09

Foot Locker shares jumped 21% in early trade after the mall-based athletic gear retailer named former Ulta Beauty CEO Mary Dillon as its chief executive Friday, replacing Richard Johnson.

Meme stock Bed Bath & Beyond sank 40% after the high-profile activist investor Ryan Cohen confirmed that he's bailed out of the stock. General Motors rose after reinstating its dividend, and Foot Locker soared after replacing its CEO and reporting earnings that beat Wall Street's estimates.

Bitcoin fell more than 8%, to $21,506.83 each, dragging the rest of the crypto market down with it.

In energy markets, benchmark U.S. crude lost $1.40 to $89.10 per barrel in electronic trading on the New York Mercantile Exchange. The contract surged $2.39 to $90.50 on Thursday. Brent crude, the price basis for international trading, fell $1.62 to $94.97 per barrel in London. It jumped $2.94 the previous day to $96.59.

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