Fed Chair Warsh’s speech at Jackson Hole tilted the Fed tightening bias in the favor of a hike in September and the potential for another hike by the end of the year. The deficit well with traders US stocks the Russell 2000 down the most. The NASDAQ 100 and NASDAQ composite Index also fell by 0.70% and 0.50% respectively.
U.S. stocks closed lower, with small-cap stocks leading the declines:
- Dow industrial average: Fell 9.00 points, or 0.02%, to 53,565.35
- S&P 500: Fell 19.23 points, or 0.25%, to 7,711.75
- Nasdaq Composite: Fell 138.93 points, or 0.52%, to 26,402.42
- Russell 2000: Fell 41.97 points, or 1.39%, to 2,972.37
- Nasdaq 100: Fell 208.13 points, or 0.70%, to 29,433.43
For the trading week:
- Dow industrial average up 0.53%
- S&P 500 up 0.49%
- Nasdaq Composite up 0.85%
- Russell 2000 down -1.50%
- Nasdaq 100 up 0.43%.
Marvell Technology shares tumbled -10.28%, but stayed above the 200 hour MA at $214.50 and the 100 day MA is at $211.28 (see post here). Staying above those key moving averages keep the buyers in play, but the price needs to hold and extend back above the 100 hour MA at 229.72 to tilt the technical bias in the short term back to the upside.
Nvidia fell by -4.57% at $217.55 which retraced some of the 8.74% gain from yesterday after the better earnings. For the week, the price is up 1.32%, but the high for the week at $230.47 fell short of the all time high at $236.54 despite the stellar earnings and expectations going forward.
This article was written by Greg Michalowski at investinglive.com.