Stock market today: stocks break long streak of gains

Stocks were choppy Tuesday as major indexes struggled for direction after a long run of gains. Sentiment may also turn cautious ahead of Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole on Friday, which could spark stock market volatility.

In conclusion, S&P500 fell 0.2% to 5,597, and Nasdaq Composite fell 0.3% to 17,816, snapping an eight-day winning streak. Dow Jones Industrial AverageMeanwhile, the figure fell 0.2% to 40,834, its first loss in six days.

All eyes are on the Federal Reserve this week with the annual Jackson Hole Economic Symposium starting Thursday. Powell’s speech at the meeting Friday morning is the key event of the week. economic calendar.

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“We expect Powell to express a little more confidence in inflation outlook and place somewhat more emphasis on downside risks to the labor market than in its press conference after the July FOMC meeting, in light of data released since then,” Goldman Sachs economists led by Jan Hatzius.

Actually, July Employment Report turned out to be much weaker than expected, with the unemployment rate rising to its highest level since October 2021.

Palo Alto Networks doubles share buyback

In news about individual stocks, Palo Alto Networks (PANW) rose 7.2% after the cybersecurity company beat expectations for its fiscal fourth quarter financial and revenue results and issued strong guidance for the first quarter and the new fiscal year. The company also doubled the size of its share buyback planbringing the total to $1 billion.

“Palo Alto is starting to execute on its platform vision and go-to-market strategy, as evidenced by the increase in platform deals this quarter,” says Oppenheimer analyst Ittai Kidron (Outperform, Buy). “Looking ahead, we see growth potential as the strategy continues to gain traction and macroeconomic conditions improve.”

Lowe’s falls after results, Alaska-Hawaiian merger clears major hurdle

Lowe’s (LOW) was another factor in the bottom line, falling 1.2% after the home improvement retailer’s second-quarter revenue fell short of estimates. The company also lowered its full-year forecasts “based on lower-than-expected DIY sales and pressures from the macroeconomic environment.”

Beyond the financial results calendar, Alaska Air Group (ALK, 0.03%) made headlines after the airline proposed a $9.1 billion takeover of the company Hawaiian Holdings (HA, +11.3%) has cleared a major regulatory hurdle.

“The deadline for the U.S. Department of Justice (DOJ) to conclude its regulatory investigation into the proposed merger of Alaska Airlines and Hawaiian Airlines under the HSR Act has passed,” Alaska said in a statement. in the statement“This is an important milestone in the process of joining our airline.”

The deal still needs to be approved by the Department of Transportation. According to CNBCThe agency issued a statement Tuesday saying it was “reviewing the request and may approve the transfer only if it would be in the public interest.”

Bank of America falls after Buffett sells more shares

Bank of America (BAC) shares fell 2.5% after regulatory filings released on Monday, it was revealed that Warren Buffett Berkshire Hathaway (BRK.B, -0.09%) sold 13.96 million shares between August 15 and 19.

BAC was one of several shares sold by Buffett in Q2even though it was a 50% reduction in the value of the holding company Apple (AAPL, +0.3%) the share that attracted the most attention. Despite that, the bank’s stock was the second-largest position in Berkshire Hathaway Stock Portfolio as of June 30.

Gold prices hit new high

Elsewhere, gold hit a new high ahead of tomorrow’s release of the Fed’s July meeting minutes. Gold futures settled at $2,550.60 an ounce, their 30th record close this year.

Given the recent rise in the price of this precious metal – it has risen by more than 20% since the beginning of the year – the price of a standard-weight gold bar has exceeded $1 million for the first time in history. Consumers can buy smaller gold bars in retail outlets such as Costco Holdings (COST, +0.4%).