As a result, Fed Chairman Jay Powell's remarks next week at the annual central bank confab in Jackson Hole, Wyoming take on critical importance for the stock market's autumn performance. Meanwhile, earnings estimates have fallen since the end of June, by 1.5% for 2022 and 3.5% for 2023. The forward price-to-earnings multiple had climbed to 18.3 times today from a low of 15.4 in June, he said. The stock market's 16% rally from the June lows has depended on investors' desire to pay more for future earnings as bond yields declined, Credit Suisse strategist Andrew Garthwaite said in a research bulletin from London Friday. Lea la cobertura del mercado de hoy en español aquí. Options expirations can add volatility to markets as some holders may be forced to move into their positions. In other news, about a $2 trillion notional value worth of options contracts expired on Friday. The move seemed to dampen sentiment among meme stock traders who have bet big on the company in recent months. Meanwhile, Bed Bath & Beyond shares cratered more than 40% after Ryan Cohen dumped his entire stake in the retailer. "I wouldn't expect a complete reversal going back to the June lows or something like that, however, the choppiness we're seeing today and this week does reflect a lot of the bear case that's out there," said FBB Capital Partners' Mike Bailey. "I think seeing the market trade sideways or seeing a bit of a pause in that rally definitely makes sense based on some of the facts that we're seeing out there." Louis Federal Reserve President James Bullard indicated that the central bank would likely continue hiking rates in the near term, putting a damper on investors' hopes of a slowdown.ĭespite the week's moves, many investors and traders are holding out hope for a bounce back. The tech-heavy Nasdaq closed out the week down 2.62%.įriday's halt in Wall Street's summer rally came as minutes from the Federal Reserve's July meeting and comments from St. The Nasdaq Composite dropped 2.01% to settle at 12,705.22.įor the week, the S&P edged 1.21% lower, while the Dow slipped 0.16%. If your district hasn’t signed up, talk to your school administrator about starting the application process.Stocks tumbled on Friday as Wall Street's summer rally faltered and rate hike fears resurfaced, leading the major averages to end the week on a sour note.If your school district is already signed up, work with your school administrator to see if your child is eligible.Note: Students or parents (of students) who wish to enroll should talk to their school administrator (Principal or Counsellor) to see if their school district is participating in Project 10Million. We will continue to enhance Project 10Million to offer at-cost data options, including unlimited, for school districts to pass on to all of their students at no cost to them. Foster youth, migrant, homeless, or runaway youth Food Distribution Program on Indian Reservations (FDPIR) Temporary Assistance for Needy Families (TANF) Supplemental Nutrition Assistance Program (SNAP) via P-EBT or EBT Or, districts can utilize proof of enrollment in other qualified government programs such as (but not limited to): Districts can identify and qualify students as being eligible NSLP-participants. Project 10Million offers 100GBs/year of free data, free mobile hotspots and access to at-cost laptops and tablets, to students eligible for the National School Lunch Program (NSLP)-one per household. School districts can apply on behalf of their students to participate. See Terms and Conditions (including arbitration provision) at for additional information. Network Management: Service may be slowed, suspended, terminated, or restricted for misuse, abnormal use, interference with our network or ability to provide quality service to other users, or roaming. Optional educational filtering may prevent some video streaming or other content. For best performance, leave any video streaming applications at their default automatic resolution setting. Optimization may affect speed of video downloads does not apply to video uploads. Annual data service ends at earlier of 100GB or 365 days. Confirm your program can accept free equipment and/or service. Must verify student National School Lunch Program eligibility. Intended for student mobile connectivity.
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