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CNBC Daily Open: Stocks slide ahead of Powell's speech

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Wall Street drops ahead of Powell speech. Peloton soars 40%. Fed’s Harker says ‘we need to start moving rates down’.

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeduring an interview with CNBC at the Fed's Jackson Hole retreat. His comments follow minutes from the central bank's last meeting indicating growing confidence in inflation trends and concerns about labor market weakness.

"I don't think he's going to pre-commit to a specific easing path," Brown told CNBC."Instead, I think he's going to frame it as they will be data dependent and they will let the data guide them in terms of their decisions." "A lot of his speech will focus on the risks of being too aggressive with rate cuts versus being too late to cut rates — and I think his comments will really focus in on trying to find that middle ground, which helps to maintain or safeguard the economic expansion while ensuring inflation remains contained."given the current state of the economy.

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