Today’s Market Wrap Up and a Glimpse Into Friday

Stocks turned lower on the heels of a record session for the S&P 500 and Nasdaq. Today the Dow Jones Industrial Average fell nearly 200 points while the S&P 500 and tech-heavy Nasdaq each fell about 0.6%.

The mood on Wall Street went south after a development out of Kabul in which U.S. troops and Afghans were killed in an explosion at the airport. Investors are also watching and waiting for Federal Reserve Chairman Jerome Powell to tip his hand on economic stimulus and inflation at the Jackson Hole symposium on Friday.

Stock index futures flipped green in extended-hours trading. The Dow, S&P 500 and Nasdaq all reclaimed some ground ahead of Friday’s session with all eyes on Jackson Hole.

Stocks to Watch

Shares of apparel retailer The Gap are rallying 6% in after-hours trading on better-than-expected quarterly results. Sales rose to more than USD 4 billion and The Gap also raised its full-year earnings outlook despite supply chain issues, the threat of the delta variant and inflation risks.
Southwest Airlines is trading lower after the company announced it would be slashing the number of flights starting next month. The company is changing its schedule in response to backlash from staff who were spread too thin. Southwest had already been suffering from weaker demand as a result of a spike in COVID cases.
Shares of meme stock AMC Entertainment tumbled 8% on the day. Shares were starting to recover with modest gains in the after-hours market and no clear catalyst either way.
Shares of U.S. automaker Ford fell 2% seemingly in response to chip problems that continue to plague the industry.
A technical glitch allowed FBI agents to view secret evidence data using Palantir Technologies software that they would otherwise not have been permitted to see. On social media, users were quick to defend Palantir and blame the agents. Shares of Palantir gained 2% on the day.

Look Ahead

The Federal Reserve’s Jackson Hole meeting is in focus in anticipation of chairman Powell’s speech. The theme of this year’s symposium, which will take place virtually, is “Macroeconomic Policy in an Uneven Economy.”

Story continues

Despite Thursday’s declines, the three major stock market indices are poised to finish the month of August with gains.

This article was originally posted on FX Empire