Another week of losses, as Wall Street's August struggles continue. The Dow Jones ended the week lower by 2.2%, its worst since March. Meanwhile, the S&P 500 fell 2.1% and registered a third straight week of losses - a streak that hasn’t happened since February. The Nasdaq Composite shed about 2.6%, tumbling for a third consecutive losing week - a first since December. Even though the economy is strong, renewed questions on how much higher interest rates need to go is frightening markets again. Inflation concerns still remain and the Federal Reserve has suggested further interest rate hikes could be ahead. This week, Jerome Powell, the Federal Reserve Chairman, will provide more insights at the Central Bank’s Jackson Hole annual symposium.
Economic reports from last week came back mixed: •Retail Sales - higher than expectation •Manufacturing (New York) - lower than expectation •Manufacturing (Philadelphia) - higher than expectation •Homebuilder Sentiment - lower than expectation •New Residential Construction - higher than expectation •Jobless Claims - lower than expectation This week, investors will look for guidance from economic reports like Manufacturing, Housing, National Economic Activity and Jobless Claims.
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