Market wraps lower; traders keeping a look out for the Jackson Hole Symposium
Overall market movement is down as stocks retreated from record levels after investors adopt a-wait-and-see attitude with the Fed's Jackson Hole Symposium starting today.
The S&P 500 cut off its 5-day win streak, in which it managed to set high records day after day. The Dow and Nasdaq both declined as well with the current risk-off sentiment of the market. On top of this, news about an explosion taking place in Kabul airport further increased the concerns in Afghanistan. The explosion was confirmed by Pentagon and an unknown number of dead or injured was reported as the US started its evacuation from the region.
Traders are now focusing on the start of the Jackson Hole symposium by the Federal Reserve, which is going to be held virtually thanks to the delta variant. The speak of Fed Chair Powell is what they are closely watching out for, as it will contain clues regarding the tapering's scope and timing which will overhaul the current setup.
Hawkish outlook is being fronted by some of the Fed officials, adding to the concerns being brought by the possible tapering.
Analysts, on the other hand, believe that Powell will be sticking with his prior statements that the economy had progressed quite well in the past few months and has come close to the central bank's target but still not there yet, hence the tapering will have to be put off.
Market shorts below:
Here's how the most popular cryptocurrencies are looking at the moment:
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