Stock market today: Wall Street wilts as yields rise ahead of speech by Federal Reserve’s Powell

NEW YORK — Wall Street closed lower, despite a blowout profit report from Nvidia, as bond yields rose ahead of a highly anticipated speech from Federal Reserve Chair Jerome Powell. The S&P 500 fell 1.3% Thursday after erasing an earlier gain. The index is still a touch higher for the week. The Dow fell 373 points, and the Nasdaq lost 1.9%.

Stocks fell as Treasury yields stabilized following their tumble a day earlier. High yields in the bond market have been upping the pressure because they make investors less willing to pay high prices for stocks and other risky investments. They may be set to go even higher, depending on what the head of the Federal Reserve says in a speech scheduled for Friday.

Another report said orders for long-lasting manufactured goods slumped by more last month than economists expected. That could be a signal that conditions are worsening for the struggling manufacturing industry, but orders actually rose more than expected for the month after ignoring airplanes and other transportation equipment.

Hope had built that the Fed’s latest rate hike in July may prove to be the last of this cycle, as inflation has cooled considerably since peaking above 9% last summer. Traders also have made bets for the Fed to begin cutting rates early next year. That weaker-than-expected report pushed John Vail, chief global strategist at Nikko Asset Management, to think Powell may not sound as aggressive about keeping rates high.

Nvidia first stunned the market three months ago when it said the quick adoption of AI would send its revenue soaring in the three months through July. Its sales came in even better than forecast, at $12.51 billion, and the company gave a forecast for the current quarter that again blew past Wall Street’s expectations.

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