US stocks exhibited signs of resilience on Wednesday as traders anxiously awaited Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium on Friday. The minutes from the July Federal Open Market Committee (FOMC) meeting revealed that policymakers were considering a potential interest rate cut in September due to progress in curbing inflation. However, they decided to maintain the current rate in July.
Major US indices finished the day in the green. The Dow Jones Industrial Average rose 0.1% to 40,890.49, the S&P 500 gained 0.4% to 5,620.85, and the Nasdaq Composite climbed 0.6% to 17,918.99.
Several stocks captured the attention of retail traders and investors throughout the day:
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Snowflake Inc. (SNOW):
The data cloud company closed 2.38% higher at $135.06. Snowflake’s strong performance was driven by better-than-expected second-quarter earnings and an announced $2.5 billion stock buyback program.*
GeoVax Labs Inc. (GOVX):
The company’s stock surged a massive 47.01% to close at $8.35. This spike followed a report of the first case of Mpox in Michigan’s Wayne County since 2022, raising awareness of the company’s potential role in addressing this public health issue.*
Zoom Video Communications, Inc. (ZM):
The video conferencing giant ended the day 1.86% higher at $60.23. Zoom’s strong second-quarter results and robust forward guidance fueled the stock’s gain.*
Target Corporation (TGT):
The retail giant impressed analysts with a strong second-quarter performance, leading to an 11.20% surge in its stock price to close at $159.25. Target also raised its outlook for the rest of the year.*
Tesla Inc. (TSLA):
The electric vehicle maker closed the day with a 0.98% gain at $223.27. Tesla’s stock benefited from news that the European Union has decided to slash tariffs on Tesla’s China-made electric cars, a move that could significantly reshape the electric car market in the region.The market’s focus now shifts to Powell’s speech at Jackson Hole. His remarks will be closely watched for any clues about the Fed’s future monetary policy direction and its stance on inflation.