Advertisment
The Dow Jones Industrial Average rose slightly on Thursday as investors awaited a key speech from the Federal Reserve’s top official.
The 30-stock index closed Thursday up 49.51 points to 26,252.24. Boeing’s 4.2% gain pushed the Dow higher.
The S&P 500 shaved off 1.48 points to 2,922.95
The NASDAQ doddered 28.82 points to 7,991.39
Weak U.S. manufacturing data added to worries of a recession. IHS Markit said manufacturing activity in the U.S. contracted this month for the first time in nearly 10 years.
These fears have battered stocks in August. The Dow and NASDAQ are both down more than 2% each this month while the S&P 500 has lost 1.9%.
Nordstrom shares jumped more than 15% after the retailer reported quarterly earnings and revenue that topped analyst expectations. The company cited "inventory and expense discipline" for the strong results.
Dick’s Sporting Goods traded 3.6% higher on better-than-expected results for the previous quarter. Comparable-store sales, a key metric for retailers, topped analyst expectations. The company also raised its full-year forecast.
The results from Nordstrom and Dick’s add to a strong batch of retail earnings. On Wednesday, Target and Lowe’s surged after releasing corporate earnings results that topped estimates. Those results lifted sentiment across the market and sent the Dow up more than 200 points.
Fed Chairman Jerome Powell is set to deliver a speech Friday at a yearly central banking symposium in Jackson Hole, Wyoming. The stakes are high for Powell as investors will look for hints that the Fed will cut rates in September.
The Fed cut interest rates by 25 basis points in July. Experts opine market expectations for another rate cut in September are at 93.5%
Prices for the benchmark 10-year U.S. Treasury fell, raising yields to 1.62% from Wednesday’s 1.58%. Treasury prices and yields move in opposite directions
Oil prices slumped 28 cents to $55.40 U.S. a barrel.
Gold prices slid seven dollars to $1,508.700 U.S. an ounce.
