Target This FAANG Stock in August

The Fed anticipates rate hikes in 2023

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Schaeffer's Market Recap
8/04/2021
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Dow Falls as Jobs Data, Clarida Comments Weigh


By: Jake Scott

The Dow erased all of yesterday's gains to close 323 points lower, its worst single-session fall since July 19. The ADP private payroll survey weighed on the broader market, as well as comments from Fed vice-chair Richard Clarida that the central bank could resume interest rate hikes by 2023. The S&P 500 also finished in the red, while the tech-heady Nasdaq notched a close just above breakeven.

Elsewhere, the 10-year Treasury yield trimmed earlier losses after the ISM Services purchasing managers' index for July finished at record a record high, and the Cboe Volatility Index (VIX) pulled back for a small loss. 

Continue reading for more on today's market, including:

  • This FAANG stock is one of the best to own in August.
  • Options bulls are blasting Redfin stock ahead of earnings.
  • Plus, unpacking Activision Blizzard's earnings; why Amgen stock shouldn't be counted out; and Live Nation ticket sales surge.
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