US equities were trading lower on Monday morning with all three leading indices of S&P 500, Nasdaq, and Dow 30 showing signs of weakness. S&P 500 was lower by 1.53 percent, Nasdaq Composite down by over 200 points while Dow 30 futures were also lower by over 400 points.

Amidst the corporate earning results, the most important event this week remains the Jackson Hole economic symposium. The date for the Jackson Hole economic symposium 2022 meeting is August 26.

After a 4-week of gains, the US stocks fell on Friday last week perhaps setting the current week’s trend. Fed is expected to remain aggressive with rate hikes till inflation comes under control. Federal Reserve Chair Jerome Powell’s take on the interest rate hikes including the pivot point from where the rate hikes either pause or are drastically cut remains to be seen in the upcoming Jackson Hole economic symposium.

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After the Jackson Hole economic symposium comes the FOMC meeting in September that will determine the rate hike following the inflation numbers. Fed is expected to deliver another rate hike of 75 basis points.

Last week, the FOMC minutes of the July meeting revealed that Fed is all out to tame inflation and the rate hikes will be on as expected. The impact on the economy is already being witnessed, however, the real impact could emerge over the next 2-3 quarters. The only silver lining was the strong jobs data that showed the employment sector is not showing a downturn.

U.S. stocks fell Friday, ending the week lower and snapping a four-week stretch of gains for the S&P 500, as investors second-guessed how aggressively the Federal Reserve will need to move to tame inflation.

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Meme stocks, fintech, autos, retail, cruise lines, airlines, industrial metals, and banks were among the notable laggards. Pharma, managed care, and integrated oil/gas were a few bright spots while consumer staples were a relative outperformer. Meme stock Bed Bath & Beyond shares dropped $7.52, or 41%, to $11.03, notching their biggest one-day loss ever, after billionaire activist investor Ryan Cohen sold his entire stake in the company. GameStop and AMC Entertainment also fell during the week.