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The S&P 500 pulled back on Thursday, giving up some ground after a recent rally as investors readied for commentary from Federal Reserve Chair Jerome Powell anticipated later this week.
The Dow Jones Industrial index dropped 155.6 points midday to 40,734.89.
The much-broader index dumped 31.52 points to 5,589.33.
The NASDAQ caved 179.45 points, or 1%, to 17,739.54.
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 13% even after it beat quarterly expectations and slightly raised its full-year product revenue guidance. Urban Outfitters slid 8% after the retailer’s same-store sales in the second quarter disappointed analysts.
Prices for the 10-year Treasury lost strength, raising yields to 3.85% from Wednesday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.20 at $73.13 U.S. a barrel.
Gold prices sagged $30.30 to $2,517.20.
