Today marks the beginning of day two of the Jackson Hole Symposium as Fed Chair Powell. He will speak to the committee on issues such as monetary policy, fiscal policy, the Cohen Shock, and the uneven labour market.

Today should be a day of high volatility as the Fed plans its steps for the upcoming year and talks are that take place throughout the day. Tapering will be the key term, and until the FOMC meeting in October, no major actions were expected to be taken.

The statement should be made at the FOMC meeting the following month. It is important to anticipate how the Fed organizes the tapering in the near future.

However, the uncertainty in the markets is quite evident as investors sit on the side-line waiting for a clear indication of when the Fed will decide to implement the scaling back of the asset purchasing as well as how they will scale back.

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Yesterday’s Market Movers:

• Vipshop Holdings (VIPS) was down 5.01% as the Chinese stocks were under fire
• Snap Inc (SNAP) was down 4.12%
• Tencent Music Entertainment (TME) was down 3.55% as the Chinese stocks were under fire
• Illumina Inc (ILMN) was down 3.41%
• Li Auto (LI) was down 3.33% as the Chinese stocks were under fire

Stocks to Watch:

Johnson & Johnson (JNJ)

JNJ's second quarterly report is positive as earnings and revenue beat expectations as EPS came in $0.2 higher and revenue of $802.29 million.

The number of Americans in hospital with COVID-19 hit a peak of 100 000 for the first time since January yesterday. This is as the Delta variant continues to push back against the unvaccinated states in the greater American regions.

Currently, ICU beds are at 95% capacity in Alabama, Florida and Georgia raising cause for concern. And 30% of all ICU beds across the country are currently in use for COVID-19 patients.

Given the ongoing infection rates, their price may very well be set for a continuation higher. This is after retracing downward over the last few days, falling to $173 with a drop in share price.

The price broke through the 50EMA in the 4-hour timeframe, a break and close above the 50EMA. Moreover, price trading above $175 should signify a continuation higher. Johnson & Johnson is currently up 0.38% in the pre-market trading at $173.96.

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