U.S. stocks fell on Thursday, extending recent losses, amid concerns the Federal Reserve will hold interest rates higher for longer to control inflation.

Stocks opened slightly higher, but retreated soon and then spent the rest of the day’s session in the red.

The major averages all ended in the red, with the Nasdaq suffering a more pronounced loss, as yields on long term Treasury Notes climbed to a 16-year high.

The Dow ended down 290.91 points or 0.84 percent at 34,474.83. The S&P 500 shed 33.97 points or 0.77 percent to settle at 4,370.36, while the Nasdaq dropped 157.70 points or 1.17 percent to 13,316.93.

In economic news, data from the Labor Department showed first-time claims for U.S. unemployment benefits saw a modest decline in the week ended August 12th.

The report said initial jobless claims slipped to 239,000, a decrease of 11,000 from the previous week’s revised level of 250,000. Economists had expected jobless claims to dip to 240,000 from the 248,000 originally reported for the previous week.

Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 234,250, an increase of 2,750 from the previous week’s revised average of 231,500.

A report from the Federal Reserve Bank of Philadelphia said the Philadelphia Fed manufacturing index increased to +12 in August, up from -13.5 in July.

Meanwhile, the Conference Board’s leading index declined 0.4 percent month-on-month in July.

Walgreens Boots Alliance fell more than 3 percent. Boeing, United Health, Apple, Home Depot, Salesforce.com and Nike declined 1.4 to 2.3 percen.

Meta Platforms shares ended more than 3 percent down. Intel, Apple Inc and Microsoft also closed notably lower.

Walmart shares ended lower by more than 2 percent despite the company lifting its annual guidance after second quarter results beat expectations.

Cisco Systems climbed about 3.3 percent, lifted by better than expected fourth-quarter results.

3M, Chevron, Johnson & Johnson, Colca-Cola and IBM posted modest gains.

In overseas trading, Asian stocks ended weak amid mounting China worries and on hawkish Fed minutes.

The major European markets closed weak on Thursday, extending recent losses, as worries about China’s economic woes, interest rate and inflation concerns continued to weigh on sentiment.

BITCOIN SELL-OFF

ARE WE HEADED TO THE BOTTOM OF THE ADAPTIVE CHANNEL. WE ARE NOW TESTING THE 150 DAY MA.

MARK LEIBOVIT INTERVIEW WITH MICHAEL CAMPBELL

https://tinyurl.com/2vzf58wk

WHAT ARE THE ODDS THE FED WILL HIKE RATES? WHAT ARE THE ODDS THE SUN WILL RISE TOMORROW?

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WHO IS MARK LEIBOVIT? – YOU KNOW, BUT I WANTED TO GIVE YOU SOME BACKGROUND

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com. He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock, and TradeStation platforms.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.

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COME ON, DAD. IT’S TIME TO EAT

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