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Daily Highlights

US stocks fall for a fifth consecutive session ahead of Powell’s Jackson Hole address

Adriaan Pask, Chief Investment OfficerPSG Wealth

US stocks fall for a fifth consecutive session ahead of Powell’s Jackson Hole address

US stocks declined on Thursday, with the S&P 500 posting a fifth consecutive loss slipping by 0.35% as attention shifted to Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. The Dow Jones Futures fell around 147 points, while the Nasdaq slipped 0.39% amid ongoing weakness in large-cap tech.

Walmart was a drag on the market, sliding more than 4% despite lifting its full-year sales and profit guidance, after quarterly earnings missed forecasts for the first time since 2022. The update, alongside cautious commentary from other major retailers, highlighted consumer uncertainty in the face of higher tariffs and uneven spending patterns. Investors now look to Powell’s remarks for direction, with futures markets assigning a 73% probability to a September rate cut.

European stocks were mixed on Thursday as fresh details of the US-EU trade pact were released. The STOXX 600 slipped 0.04%, breaking a three-day winning run, while the FTSE 100 rose 0.23% to another record high, the CAC 40 fell 0.44% and the DAX inched up 0.06%.

The deal, finalised last month, includes EU commitments of $750 billion for US energy and at least $600 billion in American projects. In exchange, Washington capped tariffs on EU exports at 15%, avoiding the higher duties threatened earlier by President Donald Trump. Pharmaceutical products were confirmed under the 15% ceiling. Pharma stocks responded positively, with the STOXX Europe Pharmaceuticals and Biotechnology index gaining 0.56%. Standouts included ALK-Abelló rising by 5%), Abivax adding 6% and Novo Nordisk increasing by 3%.

In London, gains in defence and aerospace stocks, including a 2% rise in BAE Systems, supported the FTSE 100. However, ex-dividend declines in Mondi, Legal and General, Entain and Schroders weighed on the index.

Asian equities ended Thursday on a mixed note as investors remained cautious ahead of the Jackson Hole symposium. Japan’s Nikkei slipped around 0.65%, weighed down by persistent weakness in technology stocks, while Hong Kong’s Hang Seng Index edged 0.19% lower on subdued earnings and ongoing pressure in the tech sector. In contrast, mainland Chinese shares advanced, with the Shanghai Composite rising 0.13% to 3 771.10.

South Africa’s All Share Index rose 0.69%, with the JSE Top 40 up 0.67%. The rally was led by the resources sector, as the JSE Resource 10 gained 3.30% and the JSE Metals and Mining Index climbed 3.76%. Industrials, however, fell 0.37%, limiting the broader market’s advance. The rand weakened against major currencies, declining 0.18% to trade at 17.73 against the US dollar and 0.05% to 20.59 against the euro.

Crude oil prices advanced on Thursday, with WTI up by 1.30% to trade at $63.50 a barrel and Brent gaining 1.29% trading at $67.70. The rally was supported by a larger-than-expected 6-million-barrel draw in US crude inventories, alongside firm demand signals and continued uncertainty over the conflict in Ukraine. However, rising stockpiles at Cushing raised doubts about the strength of underlying consumption. Geopolitical tensions also underpinned prices after Russia dismissed peace efforts that excluded its participation.

In precious metals, gold slipped 0.26% to $3 337.75 an ounce, while silver and platinum advanced 0.53% and 1.14%, respectively.

KST3 075c35c (1.15%)
Market Indicators
DateIndexCurrent Level1 Day Move1 Month Move6 Month Move1 Year Move
Date2026-10-13T00:00:00IndexALSICurrent Level108759.841 Day Move0.221 Month Move-4.776 Month Move-6.521 Year Move2.87
Date2026-10-13T00:00:00IndexBasic mineralsCurrent Level83501.651 Day Move-0.101 Month Move-10.456 Month Move-11.261 Year Move12.63
Date2026-10-13T00:00:00IndexFin + Ind 30Current Level12737.171 Day Move0.361 Month Move-1.676 Month Move-3.851 Year Move-1.47
Date2026-10-13T00:00:00IndexFinancialCurrent Level60447.741 Day Move0.601 Month Move-3.666 Month Move-1.351 Year Move14.68
Date2026-10-13T00:00:00IndexIndustrial indexCurrent Level127606.121 Day Move0.131 Month Move-0.206 Month Move-6.871 Year Move-14.05

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