Market Recap – August 17th
On Thursday, stock markets experienced a decline, closing in the red due to the impact of higher bond yields. The 10-year Treasury yield was on track to reach its highest level since 2007. In economic developments, mortgage rates reached a two-decade peak, while initial jobless claims dropped more than anticipated, underscoring the tightness of the U.S. labor market. Among notable market moves, CVS emerged as the poorest performer within the S&P 500 following an announcement by Blue Shield of California regarding the discontinuation of its pharmacy-benefit manager. Noteworthy stocks on the radar included Nvidia, which saw a 1.7% increase as multiple firms, including UBS, Wells Fargo, and Baird, raised their one-year price predictions following a 7.1% rebound on Monday subsequent to an 8.6% drop last week. Meanwhile, Paramount Global shares experienced a 2% uptick in midday trading. Reports indicated that the Alliance of Motion Pictures & Television Producers, representing companies such as Paramount Global, proposed a new deal to striking screenwriters, potentially crediting humans rather than artificial intelligence for screenwriting, based on insights from sources familiar with the discussions.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.