WALL STREET CLOSED POSITIVE, ALL EYES ON JACKSON HOLE

WALL STREET CLOSED POSITIVE, ALL EYES ON JACKSON HOLE

Wall Street closed positive on Wednesday, lifted by gains in energy shares and Intuit whereas all eyes on Jackson Hole conference from the US Federal Reserve this week.

Increasing Nasdaq Tech-Heavy, Intuit Inc. (NASDAQ: INTU) collects almost 4% after accounting software makers estimate upbeat 2023 fiscal revenue.

After Bell, Salesforce (Nyse: CRM) Inc. fell 5.5% after the quarterly report. During the trading session, business software sellers gained 2.3%.

All 11 S&P 500 sector indexes increased, led by energy, up 1.2%, followed by an increase of 0.71% in real estate.

S&P 500 lost land in three previous sessions after the summer rally was stopped by increasing concern about the aggressive attitude of The Fed, the energy crisis in Europe, and signs of economic slowdown in China.

Investors are now focused on the Jackson Hole symposium which began on Thursday, with a comment from Fed Chair Jerome Powell on Friday about the potential to provide instructions on the rate of interest rates in the future and whether the central bank can achieve a “soft landing” for the economy.

“The market is waiting for its time to obtain more information about the most important things, which are inflation and the Fed rate,” said Tom Martin, manager of GLOBAL Investments senior in Atlanta.

The traders are divided by waiting for a 50 basis hike and a 75 basis hike by the Central Bank of the United States.

President Joe Biden said the US government would forgive $ 10,000 in student loans for many of the spectators of the college, a step that could increase support for fellow Democrats in the November congressional election but could also trigger inflation.

Helped by corporate quarterly results that were not as bad as they were feared, the S&P 500 has recovered 13% of its minimum of mid -June. The reference index ends the year a little above its current level, according to the strategists.

The S&P 500 rose 0.29% to finish the session at 4,140.77 points.

The Nasdaq gained 0.41% to 12,431,53 points, while the Dow Jones industrial average increased 0.18% to 32,969.23 points.

Peloton Interactive (Nasdaq: PTON) increased more than 20% after the stationary bike company said it would sell its products on Amazon (Nasdaq: AMZN) in an attempt to increase sales that have decreased after the end of pandemic lockdowns.

Nordstrom Inc (NYSE: JWN) fell almost 20% after the retailer reduced its annual income and earnings forecasts, a sign that inflation is squeezing consumer expenditure on their clothes and high-end footwear.

Advanced problems exceeded those within the S&P 500 for a proportion of 2.5 to one.

The S&P 500 posted two new highs and 30 new lows; The Nasdaq registered 42 new highs and 104 new lows.

The volume in US exchanges. It was relatively light, with 8.9 billion negotiated shares, compared to an average of 10.9 billion shares in the previous 20 sessions.

WALL STREET CLOSED POSITIVE, ALL EYES ON JACKSON HOLE