Stock Market Midday, Aug. 28: Stocks Edge Higher on Fed's Clear Inflation Message
As of 11:48 AM ET, the S&P 500 (SNPINDEX:^GSPC) is up 0.20% to 7,747, the Nasdaq Composite (NASDAQINDEX:^IXIC) has gained 0.14% to 26,561, and the Dow Jones Industrial Average (DJINDICES:^DJI) has climbed 0.17% to 53,658 as investors digest policy signals from the Jackson Hole symposium.
Gold prices have slipped 1.63% to $4,535.27, and the 10-Year Treasury yield is up 0.04% to 4.70%. Communication services stocks are the leading sector gains, while industrials and healthcare stocks are trading lower.
Today's biggest moves
Shares of Elastic are up more than 18% following its quarterly earnings release, echoing yesterday's surge by Salesforce and suggesting artificial intelligence (AI) does not necessarily spell doom for software stocks. Payment network Affirm Holdings also advanced this morning. Marvell Technology sank more than 9%, despite an earnings beat, and Rubrik, which also reported solid results, was down 11% at midday.
What this means for investors
In Federal Reserve Chairman Kevin Warsh's much-anticipated Jackson Hole debut this morning, he stressed his commitment to reducing inflation. Although he did not directly say the Fed would raise rates, his clear message gave traders some reassurance that he would act if inflation remains sticky. Economists now think there's an almost 60% chance of a rate hike in September.
Semiconductor stocks came under pressure today after shares in both Marvell and Rubrik fell, even though both firms beat analyst expectations. That could be because both stocks have seen huge rallies, which can, in itself, make investors cautious. In addition, higher interest rates tend to reduce appetite for riskier investments.
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Emma Newbery has positions in CrowdStrike and Marvell Technology. The Motley Fool has positions in and recommends CrowdStrike, Marvell Technology, Rubrik, and Salesforce. The Motley Fool recommends Elastic. The Motley Fool has a disclosure policy.
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