The hope among traders is that Powell would indicate the Fed is done hiking interest rates for this cycle and that it could begin cutting them next year. But strong reports on the economy recently have hurt such hopes. A solid job market and spending by U.S. households could be feeding more fuel into pressures that push upward on inflation.
Nvidia has been at the center of Wall Street’s frenzy around artificial-intelligence technology, which investors believe will create immense profits for companies. Nvidia’s stock has already more than tripled this year, and it likely faces a high a bar to justify the huge move. Wall Street finished mostly lower, with the S&P 500 slipping 0.3% to 4,387.55 to give back some of its rare August gain from a day before, which was powered by Big Tech stocks. The Dow Jones Industrial Average fell 0.5% to 34,288.83, and the Nasdaq composite edged up 0.1% to 13,505.87.
The two-year Treasury yield, which moves more on expectations for the Federal Reserve, rose to 5.04% from 5.00%.
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