London, Thursday, 18 August 2022
A day after the Dow Jones fell more than 600 points to record its worst day since June due to growing concerns of a Fed-induced recession, stock futures contracts linked to the three major indices were trading near the flat line on Tuesday.
The focus is now on Fed Chair Jerome Powell's speech at this week's annual Jackson Hole economic symposium, which is expected to reiterate the Fed's steadfast commitment to combating inflation through swift interest rate increases.
Palo Alto Networks jumped 9% in the stock market due to positive quarterly results, whereas Zoom fell nearly 10% as a result of cutting its full-year outlook.
On Monday, the tech-heavy Nasdaq Composite lost 2.6%, the S&P 500 slid 2.1%, and the Dow dropped 1.9% during regular trading.
(Report by: The Decision Maker – Finance editors)