US close: Stocks slip as traders watch Jackson Hole summit
By Benjamin Chiou
Date: Wednesday 20 Aug 2025
(Sharecast News) - US stock markets finished flat to moderately lower on Wednesday with traders exercising caution ahead of the widely anticipated Jackson Hole summit of central bank leaders in Wyoming.
The Dow finished marginally up (+0.04%) but has more or less traded sideways for the past five sessions as it nears the record closing high of 45,014.04 reached in early December. On Tuesday, the index briefly touched an intraday all-time high of 45,207.39 before paring gains.
Meanwhile, the S&P 500 fell 0.2% for its fourth day in the red, while the Nasdaq dropped 0.7%, having now slipped 2% over the past two trading sessions as investors pivot away from high-growth tech stocks.
Central bankers take centre stage
The Jackson Hole Economic Symposium in Wyoming, which runs from Thursday to Saturday, was drawing attention across the globe, with a particular focus on Fed chair Jerome Powell amid speculation about a potential interest-rate cut by the US central bank in September.
Powell, who is scheduled to speak on Friday morning, typically uses Jackson Hole as a platform to give an indication on upcoming monetary policy moves, according to Atakan Bakiskan, US economist at Berenberg - though things are a far from typical this time around.
While Fed funds futures are currently pricing in a nearly 85% chance of a rate cut at its next meeting, recent mixed data - inflation has picked up as jobs growth has slowed - "offers no clear direction for the federal funds rate", Bakiskan said.
"Powell may avoid sending a definitive message and instead stress the importance of August inflation and employment reports in shaping the next rate decision. Both will be released before the 17 September meeting," Bakiskan added. Berenberg itself doesn't expect the Fed to loosen policy at next month's meeting.
In other news, minutes of the July Federal Open Market Committee meeting showed broad support among officials for keeping interest rates on hold. While two officials voted for a cut, the minutes said that "almost all" policymakers supported no change.
Elsewhere on the macro front, US mortgage applications fell 1.4% in the week ended 15 August, according to the Mortgage Bankers Association of America, trimming the prior week's 10.9% surge. Applications to refinance a mortgage, which are more sensitive to short-term rate changes, fell by 3.1%, while applications to purchase a home were broadly flat week-on-week.
Market movers
Tech blue chips like Apple, Palantir, Micron, Microsoft and Amazon all finished firmly in the red, dragging the Nasdaq lower.
Shares in Target slumped despite the retail giant posting a modest beat in its second-quarter results. The company also named chief operating officer Michael Fiddelke as its next chief executive, succeeding current CEO Brian Cornell next February.
Also lower was Estée Lauder after the American cosmetics giant reported that losses nearly doubled in its fourth quarter and estimated that trade tariffs would hit the bottom line by $100m in the current financial year.
Meanwhile, Lowe's Companies edged higher after the retailer delivered better-than-expected second-quarter earnings and announced an $8.8bn deal to acquire Foundation Building Materials, stepping up its push into the professional construction market and outpacing rival Home Depot's recent acquisition move.
Dow Jones - Risers
Dow Chemical Co. (DOW) $24.09 2.34%
Travelers Company Inc. (TRV) $274.42 2.05%
Walgreens Boots Alliance, Inc. (WBA) $12.20 1.54%
Walmart Inc. (WMT) $102.57 1.26%
Caterpillar Inc. (CAT) $420.59 1.08%
Amgen Inc. (AMGN) $296.45 1.02%
Coca-Cola Co. (KO) $70.70 0.81%
Chevron Corp. (CVX) $152.99 0.80%
American Express Co. (AXP) $308.14 0.75%
Procter & Gamble Co. (PG) $159.51 0.70%
Dow Jones - Fallers
Intel Corp. (INTC) $23.54 -7.58%
Apple Inc. (AAPL) $226.01 -2.19%
Microsoft Corp. (MSFT) $505.72 -1.47%
Unitedhealth Group Inc. (UNH) $299.84 -1.45%
Home Depot Inc. (HD) $401.74 -1.34%
Nike Inc. (NKE) $76.26 -0.81%
Merck & Co. Inc. (MRK) $84.65 -0.32%
Goldman Sachs Group Inc. (GS) $720.68 -0.10%
Dowdupont Inc. (DWDP) $0.00 0.00%
Salesforce.Com Inc. (CRM) $246.45 0.18%
S&P 500 - Risers
Analog Devices Inc. (ADI) $244.87 5.49%
McKesson Corp. (MCK) $702.94 3.85%
Medtronic Plc (MDT) $93.18 3.69%
Texas Instruments Inc (TXN) $200.77 3.35%
Sba Communications Corp. (SBAC) $223.71 3.19%
Edwards Lifesciences Corp. (EW) $81.29 3.12%
Cencora Inc (COR) $303.38 3.05%
LyondellBasell Industries (LYB) $55.31 2.81%
TJX Companies Inc. (TJX) $138.27 2.71%
Brighthouse Financial, Inc. (BHF) $46.69 2.66%
S&P 500 - Fallers
Intel Corp. (INTC) $23.54 -7.58%
Target Corp. (TGT) $98.69 -6.33%
Micron Technology Inc. (MU) $117.21 -4.40%
Ipg Photonics Corp. (IPGP) $75.72 -4.03%
Estee Lauder Co. Inc. (EL) $86.57 -3.67%
Hanesbrands Inc. (HBI) $6.26 -3.55%
CenturyLink Inc. (LUMN) $4.43 -3.49%
American Airlines Group (AAL) $12.80 -3.44%
Nvidia Corp. (NVDA) $175.40 -3.38%
Broadcom Inc. (AVGO) $291.17 -3.30%
Nasdaq 100 - Risers
Qvc Group Inc Series A (QVCGA) $4.29 6.72%
Analog Devices Inc. (ADI) $244.87 5.49%
Texas Instruments Inc (TXN) $200.77 3.35%
DENTSPLY Sirona Inc. (XRAY) $14.26 2.59%
Regeneron Pharmaceuticals Inc. (REGN) $591.01 2.47%
Verisk Analytics Inc. (VRSK) $270.85 2.28%
O'Reilly Automotive Inc. (ORLY) $104.00 2.21%
Microchip Technology Inc. (MCHP) $66.76 2.12%
Automatic Data Processing Inc. (ADP) $309.03 2.05%
Electronic Arts Inc. (EA) $171.33 1.98%
Nasdaq 100 - Fallers
Intel Corp. (INTC) $23.54 -7.58%
Baidu Inc. (BIDU) $86.76 -4.65%
Micron Technology Inc. (MU) $117.21 -4.40%
Sirius XM Holdings Inc (SIRI) $22.15 -3.76%
American Airlines Group (AAL) $12.80 -3.44%
Nvidia Corp. (NVDA) $175.40 -3.38%
Broadcom Inc. (AVGO) $291.17 -3.30%
Starbucks Corp. (SBUX) $89.51 -3.14%
Synopsys Inc. (SNPS) $601.13 -3.09%
Tesla Inc (TSLA) $323.90 -3.00%
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