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Stock market today: S&P 500 closes lower as yields rise ahead of Powell

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Stock market today: S&P 500 closes lower as yields rise ahead of Powell

Investing.com -- The S&P 500 closed lower Thursday, pressured by rising yields as investors opted for caution a day ahead of Federal Reserve chairman Jerome Powell's speech at Jackson Hole.Losses in Wall Street were driven by rising Treasury yields as investors looked ahead to an address by Fed Chair Jerome Powell, at the

"We expect him to say that a lot of progress has been made on inflation, and the FOMC is confident that continued progress is likely in the coming year," UBS said in a Wednesday note. This followed Wednesday's payrolls revision, as the U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024.

Analysts at Citi said they see a 50 bps reduction as their base case for September, especially after Wednesday’s minutes showed more officials leaning towards lower rates.) stock soared 34% after the connected fitness company returned to sales growth for the first time in nine quarters as its turnaround plan takes hold.

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