A strong rally erupted on Friday on Wall Street shortly after Federal Reserve Chair Jerome Powell delivered a notably dovish message during his highly anticipated speech at Jackson Hole.
Technology stocks on the Nasdaq 100 were poised for a third consecutive day of losses Thursday, as investors continued to adopt a risk-off stance ahead of Federal Reserve Chair Jerome Powell's speech at the central bank's annual Jackson Hole Symposium on Friday.
A second day of selling pressure hit technology stocks tied to the AI theme on Wednesday, as sentiment cooled after an MIT report questioned the broad profitability of the new technology.
Investor risk sentiment paused at the start of the week, as markets awaited details expected to emerge later when President Donald Trump meets with Ukrainian President Volodymyr Zelenskyy and European leaders.
Major tech-heavy indices edged lower from record highs by midday Friday in New York, as investors adopted a cautious stance ahead of the Trump-Putin meeting and after data showed a dip in consumer confidence alongside mounting inflation concerns.
Wall Street struggled to extend record highs on Thursday, as investors opted to lock in profits and adopt a more cautious stance after U.S. producer inflation posted its largest increase in three years.
Tech-heavy indices were little moved on Wednesday, while small caps and blue chips surged as investors rotated into lagging names, signaling a broadening market rally.
Wall Street is in full rally mode after July’s inflation data eased fears that tariff-related cost pressures were widespread. The headline Consumer Price Index (CPI) came in below expectations, holding steady at 2.7% year-over-year and fueling speculation of upcoming interest rate cuts.
U.S. equities slipped midday Thursday as corporate earnings and fresh tariff announcements from President Donald Trump drove divergent moves in heavyweight names.
