Stock market news

Stock market news: Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation.

The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71.

The major averages declined for a second week. The Dow tumbled 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively.

Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates kept in place for a longer time.

Dow Falls More Than 1,000 Points After Powell Speech

“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said.

“We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to be higher for longer and we’ve seen some repricing of the cuts in 2023. We think there’s more to go on that front and it’s likely to continue to fuel equity volatility from here.”

The sell-off on Wall Street was broad-based, with just five stocks in the S&P 500 posting gains on Friday.

Federal Reserve Chairman Jerome Powell’s Friday speech was more hawkish than anticipated, weighing on stocks, according to Chris Senyek of Wolfe Research.

Dow Falls More Than 1,000 Points After Powell Speech

“A more hawkish tone was largely expected coming into his speech this morning,” Senyek wrote in a Friday note. That said, the market is interpreting his tone as even more hawkish than those expectations.

After Powell’s remarks, both yields on the U.S. two-year treasury and the March 2023 fed funds future were up by roughly 0.5%, and the stock slumped. Going forward, it’s likely that stocks will continue to trade down according to Seek.

“This speech is likely to keep downward pressure on equity markets, with the “Growth” trade and “long-duration” subsectors & stocks getting hit hardest… think a reversal of the trade since mid-June,” he wrote.

Seek also reiterated his bearish stance on stocks. Going forward, he sees inflation readings and other economic data as the largest market drivers through the end of the year.

Bull Cases Were Coming True Before Powell Warnings Wallop Stocks

“We continue to believe that (1) core inflation is going to be a thorn in the Fed’s side and prove to be very persistent, and (2) headwinds from Fed tightening have only just started to show up in economic readings and a demand-driven recession is going to hit at the end of this year or beginning of next year,” he said.

Investors should stay cautious despite the S&P 500 closing above a key level, says BTIG’s Krinsky

On Thursday the S&P 500 closed above its 20-day moving average of around 4,186, which is a good gauge of short-term trends, according to BTIG’s chief market technician, Jonathan Krinsky. However, the market is still in for more turbulence, he says.

“We think the June lows are probably in but the caveat there is that it’s not going to be smooth sailing. A lot of people assume once the lows are in then it’s just up and to the right, and that’s not typical of markets,” he said on CNBC’s “Closing Bell: Overtime” Thursday.

To Make Money in the Stock Market, Do Nothing

Earlier this month the broad market index closed above 4,231 – a more-than-50% retracement of its 2022 selloff and the magic number Krinsky previously said would mean this is a new bull market and not just a bear bounce.

Leuthold Group’s Jim Paulsen warned investors not to let their anxieties get the best of them as the markets are likely to “regain their footing and move on” once the symposium in Jackson Hole is behind them.

“There have been tough talk on inflation all week, and there will be more tomorrow. But what will be said that has not already been said — or at least considered and discounted by the financial markets?” Paulsen said in a note Thursday. “Is the Fed going to raise rates again at its September meeting? Yes. Will that be shocking? No.”

“Most likely, the inflation rate has already peaked and will return to 4% or less in the not-to-distant future,” he added. “More importantly, regardless of what the Fed does this fall, inflation is apt to soon resume its 

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