US open: Stocks mixed following Powell's Jackson Hole comments
Wall Street stocks were mixed early on Monday as market participants continued to digest news that the Federal Reserve now appeared to be on the cusp of making interest rate cuts.
As of 1615 BST, the Dow Jones Industrial Average was up 0.17% at 41,243.77, while the S&P 500 lost 0.27% to 5,619.12 and the Nasdaq Composite came out the gate 0.83% softer at 17,728.55.
The Dow opened 68.69 points higher on Monday, extending gains recorded in the previous session after comments from Federal Reserve chairman Jerome Powell at the central bank's Jackson Hole economic symposium indicated he thought now might finally be the time to look at cutting benchmark interest rates.
While Powell did not say when the Fed would look to cut rates, or by how much, traders seem to be convinced that the central bank will make a move at its September policy meeting.
As far as Monday was concerned, US durable goods orders surged by 9.9% in July, according to the Census Bureau, well ahead of expectations of a 5.5% rise and erasing June's 6.9% decline. It also marked the biggest monthly increase since May 2020.
Elsewhere, the Dallas Federal Reserve's manufacturing business index improved to -9.7 in August, up from -17.5 in July, marking the lowest contraction level since January 2023.
No major corporate earnings were slated for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Walgreens Boots Alliance, Inc. (WBA) $10.51 1.99%
Dow Chemical Co. (DOW) $54.28 1.40%
American Express Co. (AXP) $254.32 1.20%
Coca-Cola Co. (KO) $70.51 1.03%
Salesforce.Com Inc. (CRM) $266.65 1.01%
Caterpillar Inc. (CAT) $351.83 0.98%
Travelers Company Inc. (TRV) $223.80 0.89%
Walt Disney Co. (DIS) $91.25 0.76%
Unitedhealth Group Inc. (UNH) $588.92 0.75%
Chevron Corp. (CVX) $148.72 0.75%
Dow Jones - Fallers
Intel Corp. (INTC) $20.11 -2.07%
Boeing Co. (BA) $173.04 -1.10%
Apple Inc. (AAPL) $224.82 -0.89%
Microsoft Corp. (MSFT) $414.11 -0.64%
Amgen Inc. (AMGN) $328.15 -0.20%
Goldman Sachs Group Inc. (GS) $508.64 -0.15%
Dowdupont Inc. (DWDP) $0.00 0.00%
JP Morgan Chase & Co. (JPM) $218.71 0.19%
Cisco Systems Inc. (CSCO) $50.85 0.21%
Walmart Inc. (WMT) $75.86 0.22%
S&P 500 - Risers
Nucor Corp. (NUE) $151.49 2.55%
ConocoPhillips (COP) $114.04 2.37%
Marathon Oil Corp. (MRO) $28.74 2.30%
Eog Resources Inc. (EOG) $129.56 2.10%
Boston Properties Inc. (BXP) $74.64 2.08%
Monster Beverage Corp (MNST) $47.60 2.03%
Walgreens Boots Alliance, Inc. (WBA) $10.51 1.99%
Leggett & Platt Inc. (LEG) $12.90 1.98%
Charter Communications Inc. (CHTR) $355.36 1.90%
Chipotle Mexican Grill Inc. (CMG) $54.69 1.82%
S&P 500 - Fallers
CenturyLink Inc. (LUMN) $5.96 -4.30%
Micron Technology Inc. (MU) $98.44 -4.29%
Cadence Design Systems Inc. (CDNS) $265.65 -3.01%
Broadcom Inc. (AVGO) $161.69 -2.81%
Applied Materials Inc. (AMAT) $197.18 -2.71%
Lam Research Corp. (LRCX) $824.61 -2.69%
Advanced Micro Devices Inc. (AMD) $151.06 -2.53%
Synopsys Inc. (SNPS) $527.08 -2.28%
Nektar Therapeutics (NKTR) $1.32 -2.22%
Arista Networks Inc. (ANET) $347.25 -2.22%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $47.60 2.03%
Walgreens Boots Alliance, Inc. (WBA) $10.51 1.99%
Charter Communications Inc. (CHTR) $355.36 1.90%
Gen Digital Inc. (GEN) $26.15 1.65%
DENTSPLY Sirona Inc. (XRAY) $25.67 1.42%
Starbucks Corp. (SBUX) $95.36 1.42%
Baidu Inc. (BIDU) $86.89 1.38%
Comcast Corp. (CMCSA) $40.35 1.32%
Hasbro Inc (HAS) $68.88 1.26%
Ross Stores Inc. (ROST) $157.11 1.22%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $0.63 -5.02%
JD.com, Inc. (JD) $25.51 -4.90%
Micron Technology Inc. (MU) $98.44 -4.29%
Tesla Inc (TSLA) $212.77 -3.43%
Cadence Design Systems Inc. (CDNS) $265.65 -3.01%
Broadcom Inc. (AVGO) $161.69 -2.81%
Applied Materials Inc. (AMAT) $197.18 -2.71%
Lam Research Corp. (LRCX) $824.61 -2.69%
Synopsys Inc. (SNPS) $527.08 -2.28%
Western Digital Corp. (WDC) $62.97 -2.14%