Volatile Trading Hits Wall Street Ahead of Key Fed Speech
Wall Street's main indexes fell on Thursday as rising Treasury yields pressured stocks ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. The market reacted to mixed economic signals, with several key sectors and companies experiencing significant fluctuations in share prices.
Wall Street's main indexes suffered a decline during volatile trading on Thursday, pressured by rising Treasury yields ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech at the Jackson Hole symposium which may hint at a possible rate cut next month.
Government bond yields increased, with the 10-year note yield rising to 3.8502% after previous declines. Notable losses included a 3.2% drop in Tesla shares and a 2.4% decrease in the Philadelphia Semiconductor Index. Consumer discretionary and information technology sectors were the biggest losers among the S&P 500 sectors.
The market is now closely watching the Jackson Hole Economic Symposium. Fed policymakers indicated that although inflation is substantially down from its peak, they are closely monitoring the labor market to decide when to start reducing interest rates, potentially moving 'soon.' The latest U.S. data added to market volatility, showcasing mixed signals regarding economic resilience and job market conditions.
(With inputs from agencies.)
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