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US stock indices close lower in last August trading

1 September 2022
2994
2 min.
12
US stock indices close lower in last August trading

Trading declined

The Dow Jones Industrial Average fell 0.88% to 31510.43 points. The Standard and Poor's 500 fell 0.78% to 3955 points. The Nasdaq Composite Index fell 0.56% to 11816.2 points.

In all, the Dow Jones lost 3.9% in August, the S&P 500 lost 4.2% and the Nasdaq lost 4.6%.

Shares of HP Inc. fell 7.7%. This maker of personal computers and other electronics cut revenue by 4% in its fiscal third quarter amid weakness in its PC sales segment.

Shares of Bed Bath and Beyond Inc (NASDAQ: BBBY). plunged 21.3%. The company, which operates a chain of home improvement shops, announced plans to close about 150 outlets, downsize its workforce and raise new funding to improve its financial position.

Hewlett Packard (NYSE: HPE) Enterprise shares were down 0.4%. The provider of IT and telecom services solutions boosted net income by 4% in the third fiscal quarter, and the adjusted figure was in line with analysts' forecasts.

Snap Inc capitalisation rose 8.7%. The media reported that the owner of the Snapchat app (NYSE: SNAP) plans to cut about 20% of employees amid a downturn in the online advertising industry.

New York Fed President John Williams told The Wall Street Journal that the Fed would likely need to raise its key interest rate "slightly above" the 3.5% level, calling it "restrictive" and capable of stalling demand. Williams also noted that the Fed would need to stick to the rate cap "over the next year".

The number of workers in the US private sector rose by 132,000 in August, data from research organisation ADP showed. The growth rate slowed down for the second month in a row: the indicator grew by 268 thousand in July and by 480 thousand in June. Now the market is waiting for the publication of the unemployment report by the US Labor Department, which will take place on Friday.

US stocks are under pressure this week after Federal Reserve Chairman Jerome Powell said the Fed's key rate should be raised to a level that will control inflation despite recession risks. The S&P 500 index has lost more than 5% since Thursday, the last day before Powell's speech in Jackson Hole.

Persons2 and Companies10 in the news

Chief Executive Officer of Federal Reserve Bank of New York
1 place
6th Chair of the Federal Reserve
2 place
Snapchat
2 place
Snap
3 place
Nasdaq
5 place
Dow Jones
6 place
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Discussion

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Apple
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Tesla
34 Mention
Bloomberg L.P.
29 Mention
JPMorgan Chase
23 Mention

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