Stocks Open Higher As Wall Street Tries to Snap Its Three-Day Losing Streak

Tiger Newspress2022-08-31

U.S. equities rose on Wednesday as Wall Street attempted to snap a losing streak that has stretched into its third day and end August on a high note.

The S&P 500 advanced 0.1%. The Nasdaq Composite outperformed, advancing 0.5%.

Shares of Chewy tumbled more than 11% in the premarket after the pet products retailer issued weak revenue guidance. HP Inc’s stock dipped 6% after the company missed revenue estimates.

Investors have sold off heavily since Friday after hawkish remarks from Federal Reserve Chair Jerome Powell. Most recently, New York Fed President John Williams called for “somewhat restrictive policy to slow demand.”

The sell-off on Wall Street rolled into Tuesday, with the Dow Jones Industrial Average sliding nearly 1%. The Nasdaq Composite dropped 1.1%, and the S&P 500 slumped 1.1%, falling below the 4,000 mark for the first time since late July. All the major averages were on pace to finish August with losses.

Despite Tuesday’s sell-off and hawkish Fed remarks, some investors are hopeful that the rate hiking cycle could be nearing its end.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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