U.S. stock futures were trading mixed early Thursday amid growing concerns about the long-term sustainability of artificial intelligence (AI). Importantly, traders are watching as global leaders gather for the Jackson Hole economic symposium in Wyoming today. Futures on the Nasdaq 100 (NDX) were up 0.07%, while those on the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) were down 0.16% and 0.02%, respectively, at 4:45 a.m. EST on August 21.
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During Wednesday’s regular trading session, the S&P 500 fell 0.24% for its fourth straight loss, the Nasdaq dropped 0.67%, while the Dow rose slightly. Investors continued to pull money out of many big-name tech companies. Amazon (AMZN), Apple (AAPL), and Alphabet (GOOGL) saw losses exceeding 1%, while Broadcom (AVGO) and Intel (INTC) declined 1.3% and 7%, respectively.
Additionally, minutes from the Federal Reserve’s July meeting, released yesterday, showed that central bankers remain concerned about inflation and tariffs, which could impact future rate decisions.
On the economic front, traders await key reports on the S&P flash manufacturing and services purchasing managers’ index (PMI), existing home sales data, and initial jobless claims for the week ended August 16.
Turning to the earnings season, traders are awaiting retail giant Walmart’s (WMT) results after peers Target (TGT), Home Depot (HD), and Lowe’s (LOW) sent mixed signals on consumer health.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.30%. WTI crude oil futures were trending higher, hovering near $63.22 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,381 per ounce on Thursday.
Elsewhere, European stocks opened mixed today following the tech sell-off in their U.S. counterparts. Traders are also awaiting data on the preliminary purchasing managers’ index (PMI) for the Eurozone and the U.K.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed today due to mixed regional economic data, investor caution ahead of the Jackson Hole Economic Policy symposium, and tech sell-off in the U.S. market.
Hong Kong’s Hang Seng index fell by 0.24%. In China, the Shanghai Composite rose 0.13%, while the Shenzhen Component fell 0.21%. Meanwhile, Japan’s Nikkei declined 0.65%, and the Topix dropped by 0.52%.
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