Spruce Point Says This Stock's a "Strong Sell"

The S&P and Nasdaq logged their third straight loss

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Market Recap
 
 

7/31/2019

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Dow Swings to Triple-Digit Loss After Powell Presser

By Karee Venema

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Stocks started the session higher -- with the Dow up more than 83 points at its intraday peak -- on a blowout earnings report for Apple (AAPL) and upbeat jobs data. Markets held modest gains through midday, before turning sharply lower in the wake of this afternoon's Fed announcement. While the central bank issued a 25-basis-point rate cut and said it will end quantitative tightening measures two months early, Fed Chair Jerome Powell noted in a subsequent press conference today's move marked a "mid-cycle adjustment" -- a comment Wall Street assumed to be hawkish. As a result, the Dow swung to a triple-digit loss, while the S&P and Nasdaq brought their daily losing streaks to three.

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