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Benchmark US indices drifted on Friday, August 26, after Fed Chair Jerome Powell's Jackson Hole comment weighed on the market sentiment while renewing fears over the aggressive stance of the central banks in the coming months.
The S&P 500 fell 3.37 per cent to 4,057.66. The Dow Jones was down 3.03 per cent to 32,283.40. The NASDAQ Composite lost 3.94 per cent to 12,141.71, and the small-cap Russell 2000 fell 3.30 per cent to 1,899.83.
Fed chair Jerome Powell indicated that the US Federal Reserve would stay on their track to raise the interest rates in order to defeat the decades-high inflation while dampening the sentiments of the traders.
In economic news, US consumer spending hardly witnessed growth in the prior month. The personal income rose 0.2 per cent to US$ 47 billion in the prior month, Commerce Department reported on Friday.
All 11 segments of the S&P 500 index were in the negative territory on Friday, August 26. The information technology, consumer discretionary, and healthcare sector were the laggards.
Shares of Affirm Holdings, Inc. (AFRM) plummeted over 21 per cent in the intraday trading, after the financial technology firm posted its latest quarterly earnings results and provided its full-year guidance that may come below the market expectations.
Dell Technologies Inc. (DELL) slumped more than 13 per cent in the intraday session on Friday after the multinational technology firm warned the investors that it is experiencing a decline in demands, as the consumers are pulling back from their purchases.
Shares of Micro Focus International plc (MFGP) added more than 92 per cent on August 26, after it received a US$ 6 billion acquisition offer from Canadian technology firm Open Text Corporation (OTEX). However, the OTEX stock lost over 14 per cent on Friday.
In the technology sector, Apple Inc. (AAPL) decreased by 3.77 per cent, Microsoft Corporation (MSFT) fell by 3.86 per cent, and Taiwan Semiconductor Manufacturing Company Limited (TSM) lost 3.23 per cent. NVIDIA Corporation (NVDA) and ASML Holding N.V. (ASML) slipped 9.23 per cent and 5.52 per cent, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) declined 4.76 per cent, The Home Depot, Inc. (HD) plunged 3.77 per cent, and Tesla, Inc. (TSLA) retreated 2.70 per cent. Alibaba Group Holding Limited (BABA) and Toyota Motor Corporation (TM) slumped 1.89 per cent and 2.71 per cent, respectively.
In the healthcare sector, UnitedHealth Group Incorporated (UNH) dropped by 2.27 per cent, Johnson & Johnson (JNJ) plunged by 1.71 per cent, and Eli Lilly and Company (LLY) drifted by 2.35 per cent. Pfizer Inc. (PFE) and Novo Nordisk A/S (NVO) were down 2.25 per cent and 2.43 per cent, respectively.
Futures & Commodities
Gold futures were down 1.20 per cent to US$1,750.15 per ounce. Silver decreased by 1.86 per cent to US$18.765 per ounce, while copper fell 0.39 per cent to US$3.6845.
Brent oil futures increased by 1.48 per cent to US$100.81 per barrel and WTI crude was up 0.49 per cent to US$92.97.
Bond Market
The 30-year Treasury bond yields were down 1.43 per cent to 3.188, while the 10-year bond yields rose 0.19 per cent to 3.030.
US Dollar Futures Index increased by 0.29 per cent to US$108.745.
