Dow jumps 300 points higher with all eyes on Jackson Hole speech
2022-08-26 10:00uSMART

U.S. stocks rose on Thursday as investors braced themselves for developments from the Jackson Hole central bankers’ summit. The Dow spiked 322.55 points, or 0.98%, with gains accelerating in the final hour of trading. The S&P 500 jumped 1.41%, and the Nasdaq Composite advanced 1.67%

 

MACRO

US Markets closed higher for a second straight session, following the release of better-than-expected economic data

First Revision for US Q2 GDP saw a contraction of 0.6%, as opposed to a drop of 0.9% announced last month

EU Markets wrapped up in the green with Germany’s Q2 GDP posting an unexpected growth of 0.1% QoQ   

Asia Markets were higher across the board, with the Hang Seng Tech Index leading gains to close 6% higher  

 

SECTORS

Gold continues to hold onto its gains, as the dollar retreated ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium

WTI Crude Oil dipped, trading below $94/barrel at time of writing on prospects of the resumption of Iranian oil exports

 

COMPANY

Peloton tumbled 18% after reporting a wider than expected loss while failing to provide an outlook for the fiscal year

Snowflake soared 23% having surpassed revenue expectations with product revenue jumping 83% YoY    

Salesforce shed 3.4% on the back of an underwhelming forecast for fiscal 2023 despite topping earnings and revenue expectations

 

EVENTS

Today’s Earnings:

  • JinkoSolar (JKS)

 

Economic Calendar (29 Aug 2022)

  • N/A

 

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