NEW YORK — U.S. stocks closed lower as Wall Street counted down to its main event for the week, a speech by Federal Reserve Chair Jerome Powell coming up on Friday. The S&P 500 lost 0.9% Thursday, its worst day in more than two weeks. The Dow Jones Industrial Average fell 0.4%, and the Nasdaq composite gave back 1.7%. Stocks fell as Treasury yields cranked up the pressure in the bond market following some mixed data on the U.S.
One report showed slightly more U.S. workers applied for unemployment benefits last week than expected. The number is still low relative to history, but the uptick could signal a job market that continues to cool. That’s why so much attention is on Jackson Hole, Wyoming, where Powell will speak Friday at an economic symposium that’s been home to big Fed policy announcements in the past. The hope is Powell will give clues about how quickly and deeply the Fed may cut rates to ease conditions for the economy.
Internet-connected exercise company Peloton soared 38.4% after it topped sales forecasts and lost less money in the latest quarter than analysts were expecting. It achieved modest revenue growth for the first time in more than two years.
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