S&P 500 Faces Decline Amid Tech Weakness
On Thursday, August 22, the S&P 500 fell by 0.9%, reflecting a broader market sentiment influenced by upcoming remarks from Federal Reserve Chair Jerome Powell. The tech-heavy Nasdaq suffered more significantly, dropping 1.7%. Powell's anticipated speech at the Jackson Hole Economic Policy Symposium is crucial as investors seek clues on potential interest rate cuts.
Moderna's Stock Slumps Despite Vaccine Approval
Moderna faced a 6.5% decline in its share price, the sharpest drop within the S&P 500, despite receiving approval for its new COVID-19 vaccine. This approval covers all individuals over six months old, with availability expected shortly. The drop in share price is partially attributed to the company's revised annual sales forecast, indicating reduced vaccine demand in Europe (source).
Intel Faces Setbacks in European Expansion
Shares of Intel decreased by 6.1% following uncertainty surrounding two new chip plants in Germany. Despite securing an $11 billion government subsidy, the timeline for these facilities is now questionable. Investor concerns mount as Intel aims for significant cost savings, potentially hindering their European projects.
Tesla's Executive Departure Influences Share Prices
Tesla experienced a 5.7% decrease in share value after the resignation of Vice President Sreela Venkataratnam. Her departure highlights a trend of executive exits at the company, impacting investor confidence.
Franklin Resources and Nordson Show Positive Movement
In contrast, Franklin Resources saw its shares rise by 4.6%, rebounding from previous losses linked to internal investigations at its Western Asset Management division. Meanwhile, Nordson's shares increased by 3.3% due to strong sales in Asia-Pacific and Europe, exceeding market expectations.
State Street Leverages Digital Innovations
State Street's shares ticked up 2.2% following its partnership with Swiss digital asset platform Taurus. This collaboration aims to enhance State Street's digital asset services, leveraging Taurus' expertise in custody, tokenization, and node management solutions.
