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On August 9th, a Reuters poll of economists predicted that the U.S. overall CPI annual rate would fall to 3.4% in July from 3.5% in June, while the core CPI annual rate would fall to 2.5% from 2.6% in the previous month. Economists at Citigroup believe that, as expected, if inflation readings soften for the second consecutive month, it would mean that more than one months data points to easing inflationary pressures, essentially ruling out a September rate hike. However, economists also expect core services inflation to rise slightly in July, with prices increasing by 0.3% month-on-month. This figure was flat in May and June. Bank of America analysts stated that the rebound in core services indicators may keep a September rate hike on the table. Analyst Kate Duguid said that if the latter view prevails, and inflation data is lower than expected, then the Feds rate hike may be postponed until December or later.According to Sky News: Yemeni sources say the Houthi rebels fourth wave of missile and drone attacks targeted government positions in the port of Mocha and its outskirts.According to the Syrian state news agency, the Syrian Foreign Ministry stated that Syria and Russia will begin restructuring Russias presence along the Syrian coast within the framework of a memorandum.Hamas senior official Bassem Naim: It is expected that mediators and the United States will pressure Israeli Prime Minister Netanyahu and his government to adhere to the roadmap.Sources say four Yemeni government soldiers were killed in a Houthi attack.

NASDAQ ‘Technical Bounce’ Fails to Overcome Rate Hike Driven Selling Pressure

Cory Russell

Aug 30, 2022 15:06

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Monday's mid-session lows for the tech-weighted NASDAQ Composite are being met with lower activity. Earlier in the session, the index tried to reach a one-month low before recovering more than half of that loss. Investors' concerns about the Federal Reserve's intention to keep increasing interest rates in its battle against inflation, even at the expense of an economic downturn, are feeding the selling pressure.


Oversold technical conditions, a slight decline in U.S. Treasury yields from a steep price earlier in the session, and a weaker U.S. Dollar are likely behind today's rebound rally.


The NASDAQ Composite is at 12058.12 at 18:20 GMT, down 83.49 or -0.69%. Trading prices for the Invesco QQQ Trust are $305.50, down $1.94 or -0.63%.


The Federal Reserve Chairman Jerome Powell's succinct and direct statements in Jackson Hole, Wyoming, on Friday seemed to put an end to optimism that the central bank would reverse its aggressive pace of rate rises in the coming months, which led to a significant decline in the technology-driven index.

Moving NASDAQ Composite Stocks

After exceeding expectations in the most recent quarter's top and bottom lines, Pinduoduo increased by 18%. The massive Chinese e-commerce company said its performance were aided by a rebound in customer confidence.


The price of Netflix's ad tier might range from $7 to $9 per month, according to a Bloomberg story, which has led to a 1.1% increase in the company's stock price.


Following the announcement that U.S. merchants on its site would need to validate their bank accounts or provide their login and password to fintech company Plaid, Etsy saw a 1.2% increase in its stock price.

The near future

As Friday's U.S. Non-Farm Payrolls data and the beginning of a lengthy U.S. holiday weekend approach, volume is very low. Volume may continue to decline as the majority of the main players are anticipated to begin taking a back seat, creating the prospect of very violent price fluctuations that have little bearing on the short-term makeup of the market.

Breaking News Lately: Suit Against Tesla Is a Class Action

According to the complaint, a Tesla Model 3 owner from California sued the electric car manufacturer in a proposed class action for automobiles halting abruptly for inexistent barriers, calling it a "frightening and hazardous nightmare."

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