In today’s stock market, the major indexes experienced modest declines, pulling back in recent trading hours. Earnings reports from companies like StoneCo (STNE) and Wolfspeed (WOLF) added to market pressure.
Index Performance: Biggest Stock Losers Today
The Nasdaq composite struggled, dipping 0.3% in today’s action. The Dow Jones Industrial Average and the S&P 500 also experienced slight drops of 0.3% and 0.1% respectively. The small-cap Russell 2000 pulled back by 0.2%.
Technical Insights
The Nasdaq composite remains below its 50-day moving average, while the Dow trades below its 21-day exponential moving average for the third consecutive day. The S&P 500 is also under its 50-day line for the third straight day.
Sector Movement: Buffer Stocks
The Nasdaq 100-tracking Invesco QQQ Trust ETF (QQQ) and the Innovator IBD 50 ETF (FFTY) both experienced declines. Volume increased on the NYSE but fell on the Nasdaq compared to the same time on Wednesday.
Economic Indicators
The benchmark 10-year Treasury yield rose by 6 basis points to 4.32%. Weekly jobless claims for the period ending Aug. 12 came in at 239,000, slightly below consensus and down from 248,000 the previous week. The August Philadelphia Fed Manufacturing Index surprised with a positive reading of 12.0, indicating expansion in the manufacturing sector.
Palantir Stock Under Pressure
Palantir Technologies (PLTR) continued its sell-off, declining over 6% and slipping below its 10-week moving average. The stock has lost more than 27% this month after reaching a 52-week high on Aug. 1. The Q2 earnings report released on Aug. 7 contributed to the downward trend due to slower revenue growth.
Other Market Moves
Buffett-backed Brazilian fintech StoneCo saw a significant drop of over 6% despite positive Q2 earnings and sales numbers. Shares of Wolfspeed declined more than 15% due to larger-than-expected fiscal Q4 loss and downbeat guidance. CVS Health plummeted over 9% as Blue Shield of California opted for Amazon’s at-home delivery service and Cost Plus Drug company for low-cost drugs.
Emerging Market Stocks: A Recap of Recent Stock Activity
Today’s stock market action showcased minor losses across major indexes, with several companies experiencing significant declines due to a variety of factors, including earnings reports and market dynamics.
