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Stocks lost ground on Friday, continuing the profit-taking predisposition that has marked the past few days. Tech and financial stocks led the retreat.
The Nasdaq (COMP.IND) -2%, the S&P 500 (SP500) -1.3%, and the Dow (DJI) -0.9%.
With the decline, the S&P 500 finished lower for the week, breaking a four-week winning streak. The index had reached its highest level since April earlier in the week, but Wall Street has seen profit taking in the last few days.
Looking to the bond market, the 10-year Treasury yield (US10Y) climbed 10 basis points to 2.98% and the 2-year yield (US2Y) edged up 2 basis points to 3.25%.
After a week of cooler housing data, the market is back to pricing in Fed hike of 50 basis points in September.
There has been “nothing explicitly new from Fed speakers, so it holds that Chair Powell’s Jackson Hole remarks next Friday, August 26, (confirmed by the Fed yesterday), along with the inflation and employment data before the September FOMC are the key events for policy over the near-term,” Deutsche Bank’s Tim Wessel said.
Among active stocks, Bed Bath & Beyond plunged after Ryan Cohen’s RC Ventures confirmed it has shed its holdings. The company has also tapped restructuring lawyers to help with its debt load.
Image and article originally from seekingalpha.com. Read the original article here.