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'Market Recap' Week Ending August 23rd, 2019

NEW YORK, Aug. 23, 2019 /PRNewswire/ -- U.S. markets began the week stronger following optimism revolving around trade talks as well as a global stimulus. The Dow Jones Industrial Average opened 304.42 points or 1.18% higher on Monday morning as U.S. President Donald Trump digested Apple Chief Executive Officer Tim Cook's warning that additional tariffs could hurt Apple's operations and give its rivals a competitive advantage. In response, Trump said Cook made a "good case" and would reevaluate the tariffs. Despite the reevaluation, Trump also made it clear that he does not U.S. companies to do business with Chinese technology giant Huawei because of national security concerns. On Tuesday, markets declined throughout the day as investors focused on the Federal Reserve's Jackson Hole symposium at the end of the week. Despite the decline, markets recovered on Wednesday after the Federal Reserve's meeting minutes from July 30th to July 31st were released. The minutes revealed that the Federal Reserve members believed "it was important to maintain optionality in setting policy." The rate setting Federal Open Market Committee voted 8-2 in favor of lowering short-term interest rates by 25 basis points to 2%-2.25%. Most members who supported the cut agreed with Chairman Jerome Powell stance that it was a "mid-cycle adjustment." The reasoning for cutting the rates is largely due to foreign concern among policymakers over a global economic slowdown as well as the ongoing trade tensions between the U.S. and China. However, markets retreated once again on Thursday as the Dow Jones dropped by over 250 points ahead of the Federal Reserve' symposium after starting the morning higher. Kansas City Federal Reserve President Esther George indicated on Thursday that she would not support further rate cuts. Similarly, Philadelphia's Federal Reserve President Patrick Harker supported the rate cut at first, but now wants rates to remain steady, according to MarketWatch. The Home Depot, Inc. (NYSE: HD), Lowe's Companies, Inc. (NYSE: LOW), Target Corporation (NYSE: TGT), Nordstrom, Inc. (NYSE: JWN), BJ's Wholesale Club Holdings, Inc. (NYSE: BJ)