‘Kalman Countdown’ panelists Jack Manley and Simon Heyman discuss market sentiment and earnings as stocks take a big hit amid recession fears on Monday.
Stocks pared early gains on Wednesday after Wall Street snapped a three-day losing streak.
The Dow Jones Industrial Average fell 80 points, or 0.2%, while the Nasdaq Composite and S&P 500 fell 0.27% and 0.11%, respectively.
| Ticker | protection | last | It changes | % changes |
|---|---|---|---|---|
| Me: DJ | Dow Jones Averages | 38932.32 | -65.34 |
-0.17% |
| sb 500 | Standard & Poor’s 500 | 5234.72 | -5.31 |
-0.10% |
| Me: Comb | Nasdaq Composite Index | 16321.017085 | -45.84 |
-0.28% |
Major indexes rose on Tuesday — giving up some of their late-afternoon gains — a day after U.S. recession fears sparked a selloff in global markets. The Dow Jones Industrial Average closed up 293.66 points, or 0.76 percent, while the Nasdaq Composite and the S&P 500 ended up 1.03 percent and 1.04 percent, respectively.
The July jobs report has provided a reliable indicator of recession.
Tuesday’s gains came on the heels of Wall Street’s worst day since 2022. The Dow Jones had lost more than 1,000 points by Monday’s closing bell as part of a selloff sparked by weak U.S. jobs data and concerns about a slowdown in the world’s largest economy.
Dow Jones Industrial Average
“While Friday’s employment report was disappointing, it wasn’t the only worrying economic indicator, it was the latest,” said Greg McBride, chief financial analyst at Wright Bank. “Add to the economic concerns the disappointing earnings, weak corporate outlooks, global turmoil and currency volatility, and you have a recipe for sudden volatility.”
Shares of major technology companies such as Nvidia and Amazon.com continued to recover after sharp declines on Monday, rising about 2% each in premarket trading.
Chip stocks also continued to recover, with popular stocks like AMD up 2%, while Marvell Technology added 2.6%.
| Ticker | protection | last | It changes | % changes |
|---|---|---|---|---|
| NVDA program | NVIDIA Corporation | 101.04 | -3.21 |
-3.08% |
| Amazon | Amazon.com Limited | 162.59 | +0.66 |
+0.41% |
| AMD | Advanced Micro Devices Company | 131.18 | +0.99 |
+0.76% |
| MRVL | Marvell Technology Inc. | 57.13 | -1.09 |
-1.87% |
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Japanese stocks continued their upward momentum, with the Nikkei 225 closing up 1.19%. The index on Monday had its worst day since the Black Monday crash of 1987, falling 12%.
In Europe, the Stoxx 600 rose 1.57% on Wednesday, while Britain’s FTSE 100 and Germany’s DAX also gained.
Reuters contributed to this report.
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