Top gainers and losers on a day when S&P 500 logged its worst session since June 16

S&P 500 index fell 2.14% on Monday to start the week on shaky ground. The stock prices of Warner Bros., Aptiv PLC, CarMax Inc., and Netflix Inc. were among the biggest losers falling between 6% and 7% on a day when S&P 500 logged its worst day since June 16. (when the index hit its YTD low). Mosaic Co. (3.44%), Albemarle Corp.(2.10%), CF Industries Holdings (2.07%) were the top gainers in S&P 500.

Dow Jones Industrial Average (DJIA), a barometer of the top 30 US stocks closed 643 points lower at 33,063.61, down by 1.91%. Travelers Cos., Cisco Systems Inc., International Business Machines Corp., Apple Inc., Walgreens Boots Alliance Inc., Boeing Co., 3M Co., Nike Inc., American Express Co., Home Depot Inc., Microsoft Corp., Walt Disney Co., Salesforce Inc., Intel Corp. fell between 2% and 4.5% on Monday.

Also Read – US Stock Market: Top 10 stocks under $10

Nasdaq Composite index was down by 323, lower by 2.55% from the previous day’s close. The index is still down by over 20% since January this year. Top performers included Bright Minds Biosciences Inc.(72.80%), AnPac Bio-Medical Science Co. Ltd. ADR (64.63%), Summit Therapeutics Inc. (48.18%), Minerva Neurosciences Inc. (47.83) among others. Akili Inc. (-49.18%), Advanced Emissions Solutions Inc. (-39.78%), Pharvaris N.V.(-34.32%), Golden Sun Education Group Ltd.(-30.19%), iMedia Brands Inc.(-28.90) were among the top losers on Nasdaq Composite index.

Ahead of Fed Chair Powell’s much-anticipated Jackson Hole speech on Friday, Monday’s trading looked to be a risk-off session. The Fed will keep hiking interest rates but at a slower pace – which seems to be the consensus among investors and analysts globally. The negative impact of rate hikes on US economy may emerge with more clarity a few quarters down the line but keeping inflation down remains the high priority area for the US Fed. The central bank chief Powell is expected to deliver a hawkish statement during the Jackson Hole symposium later this week on August 26.

Also Read: S&P 500’s rise of 17% from June lows is the start of a bull market or is it just another bear market rally?

Economists are expecting a 50 bp hike in rate in the FOMC September meeting. The markets are likely to remain volatile and remain trading in a close range until clarity emerges on the economic impact of the rate hike cycle of 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *