Tech Stocks Eye Third Day Of Losses, Walmart Sinks: What's Moving Markets Thursday?

Technology stocks on the Nasdaq 100 were poised for a third consecutive day of losses Thursday, as investors continued to adopt a risk-off stance ahead of Federal Reserve Chair Jerome Powell‘s speech at the central bank’s annual Jackson Hole Symposium on Friday.

Shares of Palantir Technologies Inc. PLTR traded flat by midday in New York, following six straight sessions of declines that have erased 18% from the stock’s recent highs.

Major equity indexes were slightly lower, with the S&P 500, Dow Jones, and Nasdaq Composite all down around 0.4%. Only a few sectors are managing to stay in the green.

On the economic front, weekly jobless claims rose to 235,000—the highest level in eight weeks—adding to signs of a cooling labor market. However, flash PMIs from S&P Global showed a stronger-than-expected rebound in both manufacturing and services activity for August, suggesting resilient business sentiment.

The U.S. dollar index (DXY) climbed 0.4% as traders weighed the Fed’s next move on interest rates. Cleveland Fed President Beth Hammack pushed back against the need for near-term rate cuts, citing persistent inflationary pressures.

Meanwhile, the Department of Justice reportedly called on Powell to remove Fed Governor Lisa Cook over alleged mortgage fraud.

Commodities continued their upward momentum for a second session. Oil prices jumped more than 1% to surpass $63 per barrel after the U.S. administration hiked sanctions on Iran-linked shipping entities. Silver gained nearly 1%, breaking above $38 per pound.

Cryptocurrencies were under pressure again, with Bitcoin BTC/USD falling more than 1% to around $112,000. Ethereum ETH/USD dropped 2.5%, while Solana SOL/USD slid 3.5%.

Thursday’s Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO slipped 0.4% to $584.58.
• The SPDR Dow Jones Industrial Average DIA inched 0.3% lower to $447.91.
• The tech-heavy Invesco QQQ Trust Series QQQ eased 0.5% to $563.06.
• The iShares Russell 2000 ETF IWM held steady at $225.50.
• The Energy Select Sector SPDR Fund XLE outperformed, up 0.5%; the Consumer Staples Select Sector SPDR Fund XLP lagged, down 1%.

Stocks On The Move Thursday

• Walmart Inc. WMT sank by over 5% – the company’s worst day since February – after the retail giant missed Street’s earnings estimates last quarter.
• Nordson Corp. NDSN rose 4.6% after beating analyst estimates last quarter.
• Solar stocks plunged after President Donald Trump‘s post labeled solar and wind energy “the scam of the century,” adding that he will not approve new projects. Shares of First Solar Inc. FSLR plunged 6.5%, SunRun Inc. RUN sank 7.2% and SolarEdge Technologies Inc. SEDG dropped 6.7%.
• Paramount Skydance Corp. PSKY soared 12%, fueled by momentum from this month’s merger.

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