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US stocks ended the last day of the month lower on Wednesday, August 31, marking their fourth straight decline and worst monthly performance in August in the last seven years.
The slump in the market was triggered as the market participants walked cautiously on concerns over Federal Reserve's aggressive monetary policy plans.
The S&P 500 fell 0.78 per cent to 3,955.00. The Dow Jones was down 0.88 per cent to 31,510.43. The NASDAQ Composite lost 0.56 per cent to 11,816.20, and the small-cap Russell 2000 fell 0.62 per cent to 1,844.12.
Fed Chair Jerome Powell's speech that the monetary policy would be tight "for some time" to control inflation dampened the overall market sentiments. The investors are now hoping for modest rate hikes at the upcoming meetings of the Federal Reserve.
Fed President of New York, John Williams said on August 30 that raising the interest rates above 3.5 per cent would be required, even through next year, to tackle the decades-high inflation.
Cleveland Fed President Lorretta Mester also said that it is not yet confirmed that the inflation has already peaked while backing higher rates to tame the inflation.
Only the communications services sector was in the green on August 31. Ten of the 11 segments of the S&P 500 index stayed in the negative territory. The information technology, consumer discretionary, and healthcare segments were the bottom movers.
Shares of the social media and camera firm, Snap Inc. (SNAP) added over nine per cent in intraday trading on August 31, after the firm said that it would cut one-fifth of its staff while restructuring its advertising sales unit.
ChargePoint Holdings, Inc. (CHPT) stock gained over 14 per cent, after the electric vehicle charging stations operator, reported solid growth in its latest quarter revenue while reaffirming its full fiscal revenue guidance.
Chewy Inc. (CHWY) slipped over seven per cent after the online retailer for pet food and other pet-related products trimmed its full fiscal sales guidance.
In the communication stocks, Meta Platforms, Inc. (META) gained 3.67 per cent, Comcast Corporation (CMCSA) added 1.32 per cent, and Netflix, Inc. (NFLX) surged 1.32 per cent. NetEase, Inc. (NTES) and Baidu, Inc. (BIDU) advanced 2.22 per cent and 4.56 per cent.
In technology stocks, Apple Inc. (AAPL) plunged 1.06 per cent, Nvidia Corporation (NVDA) plummeted 2.42 per cent, and Broadcom Inc. (AVGO) fell 1.44 per cent. Accenture plc (ACN) and Cisco Systems, Inc. (CSCO) dropped 1.38 per cent and 1.15 per cent, respectively.
In the consumer discretionary sector, Amazon.com, Inc. (AMZN) decreased by 1.52 per cent, Nike, Inc. (NKE) slumped by 1.31 per cent, and Lowe's Companies, Inc. (LOW) slipped by 1.56 per cent. Ford Motor Company (F) and General Motors Company (GM) ticked down 1.36 per cent and 2.35 per cent, respectively.
Futures & Commodities
Gold futures were down 0.83 per cent to US$1,721.95 per ounce. Silver decreased by 2.35 per cent to US$17.858 per ounce, while copper fell 1.08 per cent to US$3.5125.
Brent oil futures decreased by 2.90 per cent to US$95.00 per barrel and WTI crude was down 2.98 per cent to US$88.91.
Bond Market
The 30-year Treasury bond yields were up 2.34 per cent to 3.295, while the 10-year bond yields rose 2.54 per cent to 3.189.
US Dollar Futures Index decreased by 0.10 per cent to US$108.642.
