Dow Jones today finished lower along with the S&P 500 Index or SPX, Nasdaq-100, and Russell 2000. Overall, the stock market closed lower for the fourth straight session and ended August with losses. Some commodities that influence inflation were in the red. These included crude oil, gasoline, and gold. The crypto product, bitcoin price was up over 1% and traded in the $20K range. Stocks like Walmart (WMT), American Tower (AMT), Meta Platforms (META), and Netflix (NFLX) saw relative strength. On the other hand, stocks like Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), and Home Depot (HD) saw relative weakness. Next, Scott Connor weighs in on Snap Inc. (SNAP) announcing to lay off 20% of workforce. Even so, the SNAP stock price today was up almost 9%. Also, HP Inc. (HPQ) released a disappointing earnings report, which resulted in a stock price target cut at Wells Fargo, Barclays, Cowen, and UBS. Finally, Connor discusses economic data like the ADP Non-Farm Employment Change.
01 Sep 2022