U.S. Stocks Falter Amid Central Bank Symposium in Jackson Hole

U.S. stocks declined on Thursday, primarily driven by losses in technology shares, during the Jackson Hole Economic Symposium. Investors focused on Federal Reserve Chair Jerome Powell's upcoming address for insights into policy changes. Meanwhile, economic data suggested a potential rate cut in September due to a softening labor market.

U.S. stocks took a hit on Thursday, with technology shares leading the decline as global central bank officials gathered at the Jackson Hole Economic Symposium. The three major U.S. indexes extended their losses in afternoon trading, moving in tandem with rising benchmark Treasury yields after economic data alleviated recession fears.

The Magnificent Seven megacap growth stocks significantly impacted the tech-heavy Nasdaq. 'There really isn't a lot of news either on the macro or company side,' observed Tom Martin, senior portfolio manager at GLOBALT Investments in Atlanta. 'Jobless claims and existing home sales were inline. It could just be a bit of trading going on, people doing what they do to make the market fluctuate.'

Central bank officials worldwide are in Jackson Hole for the annual Economic Symposium, with investors keenly awaiting Fed Chair Jerome Powell's Friday address for insights on the Federal Reserve's policy easing cycle. 'How can Powell set the stage for September without being definitive? He won't want to say anything different or provide new insights,' Martin added.

(With inputs from agencies.)