Here is a comprehensive 1000+ word report on the top stock market news and stocks to watch for August 22, 2022, in markdown format:

Daily Stock Market Report: August 22, 2022

Top Stock Market News

Stocks Tumble on Economic and Rate Hike Worries

Stocks suffered a broad selloff on Monday as concerns over economic growth and another aggressive interest rate hike by the Federal Reserve weighed on investor sentiment. The Dow Jones Industrial Average dropped 640 points, or 1.9%, while the S&P 500 fell 2.1%, and the Nasdaq Composite declined 2.6%.

The market's recent summer rally stalled out amid fears that the Fed's monetary tightening campaign could tip the economy into recession. Traders are bracing for Fed Chair Jerome Powell's speech at the Jackson Hole economic symposium later this week, where he is expected to reinforce the central bank's hawkish stance in its battle against inflation.

Adding to the gloomy economic outlook, a survey from S&P Global showed that business activity across the US economy fell for the second consecutive month in August, renewing fears of an economic downturn.

Treasury Yields Rise Ahead of Jackson Hole

Treasury yields climbed on Monday as investors awaited insights from the Federal Reserve's annual Jackson Hole conference later this week. The benchmark 10-year Treasury yield rose to around 3.03%, while the 2-year yield, which is more sensitive to Fed rate expectations, jumped to 3.25%.

Traders are pricing in a roughly 60% chance of a third consecutive 0.75 percentage point rate hike at the Fed's September meeting, according to the CME's FedWatch Tool.

Nvidia in Focus Ahead of Earnings

Nvidia's stock was in the spotlight ahead of the chipmaker's quarterly results due on Wednesday. Citi analysts backed the stock, citing strong demand for data center chips and potential for Nvidia's chips to be used in more consumer products.

However, concerns linger over a potential slowdown in the personal computer market, which could weigh on Nvidia's gaming segment.

Top Stocks to Watch

Alexander's, Inc. (ALX)

Alexander's, Inc. is a real estate investment trust that has witnessed the Zacks Consensus Estimate for its current-year earnings revising upward over the past few weeks. The stock currently holds a Zacks Rank #2 (Buy) and offers an attractive dividend yield of 4.3%.

Sumitomo Mitsui Financial Group, Inc. (SMFG)

Sumitomo Mitsui Financial Group, Inc. is a diversified financial services company with a strong presence in Japan and other Asian markets. The stock carries a Zacks Rank #1 (Strong Buy) and has an attractive valuation with a forward P/E ratio of 6.7.

Tesla, Inc. (TSLA)

Tesla's stock was in focus after the electric vehicle maker announced plans to open a new factory in Mexico. The company's CEO, Elon Musk, also said that Tesla is considering building a lithium refinery in the country to secure supply for its batteries.

Stock Market Expected Movement

With lingering concerns over economic growth and the prospects of more aggressive rate hikes by the Federal Reserve, market volatility is expected to persist in the near term. Investors will closely monitor the Jackson Hole symposium for clues on the central bank's monetary policy stance.

However, positive earnings reports from companies like Nvidia could provide some support to the market. Overall, traders are advised to exercise caution and maintain a well-diversified portfolio to navigate the uncertain market conditions.