On the earnings front, Levi Strauss&Co (NYSE:LEVI) fell more than 9% after trimming its full-year guidance as ongoing supply chain troubles and a stronger dollar bite.
NVIDIA (NASDAQ:NVDA) fell more than 7%, Taiwan Semiconductor Manufacturing (NYSE:TSM) fell 5% and Qualcomm (NASDAQ:QCOM) was down more than 3%. The only number of relative importance is the US July durable goods.
#BACK IN FOCUS PC#
The miss on revenue guidance was driven by a “weaker-than-expected PC market&the resulting inventory correction in the PC supply chain,” Deutsche Bank said in a note after cutting its price target on the stock to $90 from $95. Stagflation is Back in Focus By Danske Bank Aug 24 22, 06:29 GMT Market movers today There are only few economic releases today. Now Greenwood is back training with the first team ahead of United’s game against West Brom. He had also missed the game against Everton. It is a welcome sight after he was absent from United training pictures last week. Tech was also pushed deeper in the red by a slump in chip stocks following a profit warning from chipmaker AMD.Īdvanced Micro Devices (NASDAQ:AMD) fell more than 13% after announcing preliminary results for the third quarter that missed Wall Street estimates. - September 21, 2020) - Soligenixs (NASDAQ: SNGX) RiVax® program is in focus after a failed attempt to send ricin-laced letters to the White House last week. Mason Greenwood has been pictured back in training for Manchester United. Microsoft (NASDAQ:MSFT) fell more than 5% followed by Meta (NASDAQ:META), Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) as a rising rate environment tends to sour sentiment on higher-valued stocks with a longer payoff horizon. The revival of hawkish Fed bets pushed Treasury yields higher, pushing growth areas of the market including tech and consumer discretionary stocks into the red.
While this is a “welcome development for the Fed,” according to Jefferies, it won’t provide a ”justification for slowing from the recent pace of 75 bp rate hikes, so we expect another one at the November meeting.”
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