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Stock market today: Asian shares mostly decline ahead of Federal Reserve’s Powell speech

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Asian shares are mostly falling, discouraged by a Wall Street slump that followed a blowout profit report from Nvidia and mixed reports on the U.S. economy.

, scheduled for later in the day. He’ll be speaking at an event in Jackson Hole, Wyoming, that has been the site of major policy announcements by the Fed.

Yields found some traction following mixed reports on the U.S. economy. One showed fewer U.S. workers applied for unemployment benefits last week. Another said orders for long-lasting manufactured goods slumped by more last month than economists expected. The two-year Treasury yield, which moves closely with expectations for the Fed, rose to 5.01%. A day before, it had dropped to 4.98% from 5.05% after a report suggested U.S. business activity is cooling in August.

. That raised hopes that this year’s frenzy on Wall Street around artificial intelligence technology isn’t just hype.

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