As of today, the S&P 500 Index is down 0.29%, the Dow Jones Industrial Average has fallen by 0.64%, and the Nasdaq 100 Index decreased by 0.51%. Crude oil prices have surged to a one-month high amid concerns surrounding inflation, rising 2% today after President Trump threatened Iran with economic isolation.
Initial unemployment claims for the week decreased by 6,000 to 206,000, contrary to expectations for an increase to 210,000. Additionally, the August Philadelphia Fed business outlook survey rose by 6 points to 47.4, significantly above the forecast of 24.8. Strong Q2 earnings estimates are also projected, with the S&P 500 expected to see earnings growth around 32%, exceeding earlier projections of 23%.
Walmart’s shares have dropped more than 9% after reporting lower-than-expected Q2 same-store sales and a full-year adjusted EPS forecast below consensus. In contrast, Deere & Co saw its stock rise over 7% following better-than-expected Q3 net income results.
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