S&P 500, Nasdaq snap 5-day win streak | Focus on key Fed summit | Peloton earnings out

Stocks pulled back on Thursday as investors readied for the Federal Reserve's annual symposium at Jackson Hole on Friday.

VIEW IN BROWSER | SUBSCRIBE THU, AUG 26, 2021 EVENING BRIEF AS OF THU, AUG 26, 2021 • 04:59 ET DJIA 35213.12 -0.54% -192.38 S&P 500 4470.00 -0.58% -26.19 NASDAQ 14945.81 -0.64% -96.05   Most Active DOW NAME LAST CHG %CHG AAPL 147.54 -0.82 -0.55% INTC 53.13 -0.68 -1.26% CRM 267.79 +6.94 +2.66% S&P 500 NAME LAST CHG %CHG F 12.90 -0.27 -2.05% AMD 107.27 -1.03 -0.95% AAPL 147.54 -0.82 -0.55% NASDAQ NAME LAST CHG %CHG AMD 107.27 -1.03 -0.95% AAPL 147.54 -0.82 -0.55% NVDA 220.68 -1.45 -0.65%   EDITOR'S NOTE Stocks pulled back on Thursday as investors turned their attention toward the Federal Reserve's annual Jackson Hole economic policy symposium.   The Dow Jones Industrial Average dropped 192.38 points to 35,213,12, as Boeing's stock dropped roughly 2%. The S&P 500 fell 0.5% to 4,470.00, and the Nasdaq Composite ticked 0.6% lower to 14,945.81 after both averages notched record closes in the previous session. The small-cap Russell 2000 was the relative underperformer, slipping 1.1%.   Investors will be waiting for updates on the central bank's plans to eventually taper monetary stimulus on Friday. The Fed is buying $120 billion a month in Treasury bonds and mortgage-backed securities. Chairman Jerome Powell is slated to make remarks on Friday as part of the Fed's summit.   "Every Fed change in monetary policy is important," said Priya Misra, global head of rates strategy for TD Securities. "But I think it's particularly more meaningful today because we know growth is slowing and the Fed is trying to exit." Esther George, president of the Kansas City Fed, told CNBC Thursday morning that "given the progress we've seen," Fed tapering is "appropriate," though she didn't specify when she thinks it should start.   "When you look at the job gains we saw last month, the month before, you look at the level of inflation right now, I think it would suggest that the level of accommodation we're providing right now is probably not needed in this scenario," she said. "So I would be ready to talk about taper sooner rather than later."   In terms of the labor market, weekly initial jobless claims came in at 353,000, the Labor Department reported Thursday, a slight increase from the prior week's 349,000 and more than the 350,000 estimate from economists polled by Dow Jones. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald TOP NEWS  S&P 500 and Nasdaq snap five-day win streak as cautious investors look to Jackson Hole 12 U.S. service members were killed, 15 wounded in attack near Kabul airport, Pentagon says U.S. Covid cases show signs of slowing, even as fatalities surge again Weekly jobless claims hold around pandemic-era low; GDP revised higher to 6.6% The pressure is on for Powell and the Federal Reserve to manage the exit from ultra-easy policies Fed's Esther George says it's time to start easing off on policy juice Here's how Cathie Wood's stocks are doing and which ones are candidates for a late-year rebound Capitol Police officers sue Trump, Roger Stone, Proud Boys and others over Jan. 6 invasion Ford to cut F-150 pickup truck production due to chip shortage Peloton shares tank after cycle maker posts disappointing earnings and outlook; cuts Bike price   TOP VIDEO There's no such thing as a taper proof stock, says Bokeh Capital's Forrest   CNBC PRO Profit winners: These stocks have the highest margins and best prospects to keep expanding them   SPECIAL REPORTS Education Department will cancel student debt for 115,000 borrowers Most retirees will need long-term care. These are the best ways to pay for it   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS