The S&P 500 pulled back on Thursday as investors readied for a speech by Federal Reserve Chair Jerome Powell at the central bank’s annual Jackson Hole conference.
The Dow Jones Industrial index dropped 177.71 points Thursday to 40,712.78.
The much-broader index dumped 50.21 points to 5,570.64.
The NASDAQ caved 299.63 points, or 1.7%, to 17,619.24.
Thursday marks a retreat following a largely positive period that had been deemed a recovery rally following the global market rout on Aug. 5. All three indexes had traded higher at one point in the session, with the S&P 500 within striking distance of its all-time intraday high set in July before reversing course.
Market participants are turning their attention to Powell’s expected speech at the Jackson Hole Economic Symposium on Friday, hoping for further insight into rate policy. Traders are currently pricing in a 100% chance of a decrease to borrowing costs next month, but they are divided when it comes to how large the reduction will be.
Despite some choppiness, the three major indexes are all on pace to finish the week higher. The NASDAQ Composite has gained 1.6%, and S&P 500 have added about 1.2%. The Dow has risen 0.4%.
In corporate news, software company Snowflake dropped 14.7% even after it beat quarterly expectations and slightly raised its full-year product revenue guidance. Urban Outfitters slid 9.6% after the retailer’s same-store sales in the second quarter disappointed analysts.
Prices for the 10-year Treasury lost strength, raising yields to 3.87% from Wednesday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices picked up a dollar at $72.93 U.S. a barrel.
Gold prices sagged $28.80 to $2,518.70.
