Stocks slipped on Thursday as Wall Street counts down to its main event for the week—a speech by Federal Reserve Chair Jerome Powell coming on Friday.
- The S&P 500 fell 50 points, or 0.8%, to 5,570.
- The Dow fell 177 points, or 0.4%, to 40,712.
- The Nasdaq fell 299 points, or 1.6%, to 17,619.
Much attention is now on Jackson Hole, Wyoming, where Powell will speak Friday at an economic symposium that's been home to big Fed policy announcements in the past, per the AP. The hope is Powell will give clues about how quickly and deeply the Fed may cut rates to ease conditions for the economy. In the meantime, US companies continue to report mostly better-than-expected profits for the springtime. Exercise company Peloton soared 38% after it topped sales forecasts and lost less money in the latest quarter than analysts were expecting. It achieved modest revenue growth for the first time in more than two years.
Another winner of the pandemic that saw its fortunes weaken afterward, Zoom Video Communications, also rose. Zoom climbed 13% after delivering better earnings and revenue for the latest quarter than expected. But many more stocks were falling than rising, including Nvidia, which was the heaviest single weight on the S&P 500. It erased an early gain to fall 3% ahead of its own highly anticipated profit report coming next week. Also on the losing side of Wall Street was Snowflake, which fell 13% despite topping expectations for profit and revenue. Advance Auto Parts tumbled 16% after its profit came up short of expectations.
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