Equities pulled back on Thursday with the major US Indices all notching declines. The Nasdaq Composite dropped 1.67% while the S&P 500 gave back 0.89% and the Dow 0.43%. Equal weighted stocks outperformed as Mega Cap. heavyweights TSLA and NVDA were down >5%.
At the sector level, Technology and Discretionary shares led to the downside with XLK the biggest decliner among the Large Cap. SPDR ETF’s, down 2.3% and the XLY off 1.73%. On the positive side, XLRE, XLF, XLE and XLV were positive on the day.
Interest rates on the 2yr and 10yr Treasury Yields were lower at 3.99% and 3.84% respectively while Crude and Commodities prices were weaker as well. The WTI Crude contract settled at $71.90 while the Bloomberg Commodities Index ticked lower to 95.24.
Fed. Chairman Powell takes the mic at 10AM from Jackson Hole WY. His comments will obviously headline the day from an economic policy perspective while Building Permits and New Home Sales data are also set to be released.
Eco Data Releases | Friday August 23rd, 2024
S&P 500 Constituent Earnings Announcements by GICS Sector | Friday August 23rd, 2024
No S&P 500 Constituents Report
Factor Friday
Low Vol. Shares have ticked higher in the near-term as the rally pauses and have outperformed high beta over the past 3-months when looking at the Invesco Low Vol. and High Beta ETF’s. Momentum as represented by the iShares MSCI USA Momentum Index has been a driving factor behind the recent rally off the August 5th lows.
- SPHB, SPLV, MTUM
