US open: Stocks slip ahead of Jackson Hole symposium amid European gas price spike
US stocks slumped at the start of the week amid concerns about growth and inflation, as investors looked to this week's central banking symposium at Jackson Hole, where central bankers it was feared would double down on their hawkish stance, and a spike in European gas futures.
SIGNIFY HEALTH RG-A
$30.49
11:00 24/12/24
"While the next leg lower has had several false dawns in recent weeks, the selling across stocks now seems to be really gathering speed," said IG chief market analyst Chris Beauchamp.
"Instead of some tentative buying, equities have been hit with a wave of fresh selling, as fears about a recession and the persistence of high inflation combine to spark a bout of fresh risk-off moves."
At 1553 BST, the Dow Jones Industrial Average was down by 1.46% to 33,216.04, alongside a retreat for the S&P 500 to 4,152.91 while the Nasdaq Composite was yielding 2.11% to trade at 12,438.01.
The CBoE volatility index meanwhile was jumping 13.06% to 23.29.
West Texas Intermediate crude oil futures were down by 3.37% to $87.07 a barrel on the ICE and the US dollar index was 0.53% higher at 108.74.
US traded natural gas futures were up 1.86% to $9.51/MMBtu, a far cry from the greater than 40% spike seen earlier on the Continent.
The Jackson Hole symposium will take place on Thursday.
AJ Bell investment director, Russ Mould, said that Federal Reserve chairman, Jerome Powell, was likely to use the event to "puncture optimism which has built up over hopes the Fed may be nearing the point at which it pivots away from rate hikes."
Nonetheless, he went on to add: "The event coincides with the PCE (personal consumption expenditure) measure of inflation, which the Fed often uses as a guide for its actions. If this confirms the trend seen in the July CPI reading of a reduction in inflationary pressures then it might give investors some reason for renewed optimism."
In corporate news, Signify Health surged more than 35% following a report that Amazon is among the bidders for the US healthcare company.
The Wall Street Journal cited people familiar with the matter as saying that Amazon is joining the likes of CVS Health Corp and UnitedHealth Group in an auction for the home-health-services provider.
Sources told the WSJ that Signify was for sale in an auction that could value it at more than $8bn.
Dow Jones - Risers
Procter & Gamble Co. (PG) $149.76 0.02%
Dowdupont Inc. (DWDP) $0.00 0.00%
Honeywell International Inc. (HON) $0.00 0.00%
Verizon Communications Inc. (VZ) $44.35 -0.16%
Unitedhealth Group Inc. (UNH) $546.33 -0.36%
McDonald's Corp. (MCD) $265.41 -0.42%
Amgen Inc. (AMGN) $249.50 -0.54%
Coca-Cola Co. (KO) $64.78 -0.61%
Merck & Co. Inc. (MRK) $91.43 -0.70%
Johnson & Johnson (JNJ) $167.93 -0.81%
Dow Jones - Fallers
Salesforce.Com Inc. (CRM) $177.62 -3.35%
Intel Corp. (INTC) $34.38 -2.84%
American Express Co. (AXP) $157.73 -2.78%
Walt Disney Co. (DIS) $117.04 -2.58%
Microsoft Corp. (MSFT) $278.96 -2.51%
Dow Chemical Co. (DOW) $54.10 -2.50%
JP Morgan Chase & Co. (JPM) $115.82 -2.37%
Boeing Co. (BA) $159.26 -2.25%
Goldman Sachs Group Inc. (GS) $342.85 -1.84%
Nike Inc. (NKE) $111.13 -1.79%
S&P 500 - Risers
Albemarle Corp. (ALB) $276.35 2.34%
Constellation Brands Inc. Class A (STZ) $256.24 1.81%
CF Industries Holdings Inc. (CF) $105.14 1.58%
Mosaic Company (MOS) $54.29 1.44%
Elevance Health Inc. (ELV) $509.08 1.10%
Kroger Co. (KR) $49.89 0.79%
CME Group Inc. (CME) $203.54 0.73%
Newmont Corporation (NEM) $43.75 0.51%
Humana Inc. (HUM) $502.13 0.45%
Waste Management Inc. (WM) $174.99 0.38%
S&P 500 - Fallers
Ford Motor Co. (F) $15.03 -5.37%
Netflix Inc. (NFLX) $228.35 -5.31%
Dxc Technology Company (DXC) $24.67 -4.86%
Macy's Inc. (M) $18.49 -4.69%
Hanesbrands Inc. (HBI) $9.86 -4.60%
FMC Technologies Inc. (FTI) $8.09 -4.49%
PVH Corp. (PVH) $64.61 -4.28%
Bath & Body Works, Inc. (BBWI) $37.03 -4.23%
Occidental Petroleum Corp. (OXY) $68.34 -4.14%
United Airlines Holdings Inc (UAL) $35.97 -4.09%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $133.31 3.24%
NetEase Inc. Ads (NTES) $87.23 2.99%
Trip.com Group Limited (TCOM) $26.82 2.72%
JD.com, Inc. (JD) $56.01 2.39%
Biomarin Pharmaceutical Inc. (BMRN) $92.94 0.11%
Mylan Inc. (MYL) $0.00 0.00%
Celgene Corp. (CELG) $0.00 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Shire Plc Ads (SHPG) $0.00 0.00%
Xilinx Inc. (XLNX) $194.92 0.00%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $228.35 -5.31%
Qurate Retail Inc. (QRTEA) $3.49 -4.64%
Asml Holdings N.V. (ASML) $524.18 -3.87%
Wynn Resorts Ltd. (WYNN) $61.26 -3.78%
Workday, Inc. (WDAY) $161.96 -3.70%
Mercadolibre Inc. (MELI) $876.79 -3.62%
Booking Holdings Inc. (BKNG) $2,017.20 -3.34%
American Airlines Group (AAL) $13.72 -3.20%
Seagate Technology Plc (STX) $77.44 -3.16%
Nvidia Corp. (NVDA) $172.87 -3.15%
orate news, Signify Health surged more than 35% following a report that Amazon is among the bidders for the US healthcare company.
The Wall Street Journal cited people familiar with the matter as saying that Amazon is joining the likes of CVS Health Corp and UnitedHealth Group in an auction for the home-health-services provider.
Sources told the WSJ that Signify was for sale in an auction that could value it at more than $8bn.