{"id":52199,"date":"2023-08-23T20:32:32","date_gmt":"2023-08-24T00:32:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/will-powell-crush-stocks-again-during-fridays-jackson-hole-speech-heres-one-reason-investors-shouldnt-worry\/"},"modified":"2023-08-23T20:32:34","modified_gmt":"2023-08-24T00:32:34","slug":"will-powell-crush-stocks-again-during-fridays-jackson-hole-speech-heres-one-reason-investors-shouldnt-worry","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52199","title":{"rendered":"Will Powell crush stocks again during Friday\u2019s Jackson Hole speech? Here\u2019s one reason investors shouldn\u2019t worry."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002433509\" role=\"document\">\n<p>Worried that Jerome Powell might smash stocks lower on Friday when he steps up to the microphone in Jackson Hole, Wyo.? Good news: Last year\u2019s market-crushing speech was an outlier, according to an analysis by Bespoke Investment Group. <\/p>\n<p>Usually, market reactions to Fed chiefs\u2019 speeches at the Kansas City Fed\u2019s annual Jackson Hole Economic Symposium are much more muted than the washout that stocks experienced on Aug. 26, 2022, the date of last year\u2019s Jackson Hole speech. <\/p>\n<div class=\"paywall\">\n<p>On that day, the S&amp;P 500<br \/>\n        SPX<br \/>\n       fell 3.4% as Powell dashed investors\u2019 hopes for a swift end to the Federal Reserve\u2019s interest-rate hiking campaign during a taut speech that lasted for just under 10 minutes, one of the shortest Jackson Hole speeches delivered by a Fed chief in recent memory. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Bespoke measured the size of the index\u2019s move during the first two days of the symposium. The S&amp;P 500 fell 2.01% during this period last year, according to its data. Typically, Jackson Hole begins on a Thursday during the last full week in August, with the Fed chair delivering keynote remarks on Friday, usually around 10 a.m. <\/p>\n<p><strong>See:<\/strong> Why this abstract concept could rattle stocks when Powell speaks at Jackson Hole<\/p>\n<p>One exception was 2020, when Powell delivered his remarks remotely, shortly before the U.S. stock market opened. <\/p>\n<p>Over the past 20 years, the S&amp;P 500 has recorded an average gain of 0.3% during the symposium, according to Bespoke. Since 1978, the year the Kansas City Fed held its first Jackson Hole symposium, the index has fallen by 0.1%, on average, during the two days of the event. <\/p>\n<p>Bespoke also found that during the following three months, stock returns are reliably strong, with the index rising 2.6% on average since 1978. <\/p>\n<p>If there\u2019s one period of reliable weakness surrounding Jackson Hole, it\u2019s the Monday after the event. The S&amp;P 500 has fallen 0.1% on average since 1978 during these trading sessions, but that figure swells to a 0.4% average drop if one only includes years where the S&amp;P 500 has risen 10% year to date ahead of the speech. <\/p>\n<p>The S&amp;P 500 has risen 15.5% year to date through Wednesday\u2019s close. But stocks have pared these gains since the beginning of August, and the index has fallen 3.3% month to date. <\/p>\n<p>Prior to 2022, the only other major pullback for the S&amp;P 500 during Jackson Hole occurred during the 2019 symposium. However, that jolt of weakness had little to do with Powell\u2019s policy pronouncements. Instead, investors were reacting to then-President Donald Trump\u2019s threats to escalate a trade war with China. <\/p>\n<p>Shortly after Powell wrapped up his speech, Trump tweeted that \u201cOur great American companies are hereby ordered to immediately start looking for an alternative to China.\u201d The S&amp;P 500 quickly wiped out its early gains and plummeted lower. <\/p>\n<p>U.S. stocks finished higher on Wednesday, with the S&amp;P 500<br \/>\n        SPX<br \/>\n       recording its first daily gain of 1% or more since the start of the third quarter, snapping a streak of 36 trading days without one. The index gained 48.46 points, or 1.1%, to 4,436.01, while the Nasdaq Composite<br \/>\n        COMP<br \/>\n       gained 215.16 points, or 1.6%, to 13,721.03, and the Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       gained 184.15 points, or 0.5%, to 34,472.98. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/will-powell-crush-stocks-again-during-fridays-jackson-hole-speech-heres-one-reason-investors-shouldnt-worry-d1ce809f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Worried that Jerome Powell might smash stocks lower on Friday when he steps up to the microphone in Jackson Hole, Wyo.? Good news: Last year\u2019s market-crushing speech was an outlier, according to an analysis by Bespoke Investment Group. Usually, market reactions to Fed chiefs\u2019 speeches at the Kansas City Fed\u2019s annual Jackson Hole Economic Symposium [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52199","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will Powell crush stocks again during Friday\u2019s Jackson Hole speech? Here\u2019s one reason investors shouldn\u2019t worry. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Worried that Jerome Powell might smash stocks lower on Friday when he steps up to the microphone in Jackson Hole, Wyo.? 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