S&P 500 Fundamental Forecast – August 26, 2016

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Published: Aug 25, 2016, 10:51 UTC

The S&P 500 dipped 11 points falling off of its record highs as traders are sidelined ahead of Janet Yellen’s speech tomorrow. The weaker US dollar is

S&P 500 Fundamental Forecast – August 26, 2016

The S&P 500 dipped 11 points falling off of its record highs as traders are sidelined ahead of Janet Yellen’s speech tomorrow. The weaker US dollar is doing little to support the equities market. Oil prices are stable. Amid speculation of a rate rise, Yellen’s comments on Friday at a global central bankers meeting in Jackson Hole will be scoured for forward guidance on US central bank policy. Most bets are on a move just before the end of the year, or in February.

U.S. stocks fell Wednesday as renewed political pressure to tamp down drug prices pushed health-care stocks lower. The declines stemmed from criticism of price increases on Mylan’s EpiPen, a lifesaving injection device for people with severe allergies.

Democratic presidential candidate Hillary Clinton issued a statement calling EpiPen price increases “outrageous” and “just the latest troubling example of a company taking advantage of its consumers.”

Shortly after the statement was posted, shares of biotechnology companies extended their losses. The Nasdaq Biotechnology index dropped 3.4%. Mylan shares closed $2.47, or 5.4%, lower at $43.15. The health-care sector was the biggest decliner in the S&P 500, falling 1.6%.

The American Medical Association separately also urged the EpiPen manufacturer to “rein in exorbitant costs.” The price of a pack of two EpiPens has gone from $93.88 in 2007 to $608.61 now, according to Truven Health Analytics.

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August 26, 2016

Country	Name	Volatility	Previous
JPY	Tokyo CPI ex Food, Energy (YoY)	2	0.3
JPY	Tokyo CPI ex Fresh Food (YoY)	2	-0.4
JPY	Tokyo Consumer Price Index (YoY)	2	-0.4
JPY	National CPI Ex-Fresh Food (YoY)	2	-0.5
JPY	National CPI Ex Food, Energy (YoY)	2	0.4
JPY	National Consumer Price Index	2	-0.4
EUR	Gfk Consumer Confidence Survey	2	10
GBP	GDP (YoY)	2	2.2
GBP	GDP (QoQ)	2	0.6
USD	GDP Annualized	2	1.2
USD	GDP Price Index	2	2.2
USD	Personal Consumption (QoQ)	2	1.9
USD	Core Personal Consumption (QoQ)	2	1.7
USD	Markit PMI Composite	2
USD	Baker Hughes US Oil Rig Count	2