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As Wall Street eagerly awaits Federal Reserve Chair Jerome Powell's address at the Jackson Hole Economic Symposium, stocks are trending upwards. On Friday morning, the Dow Jones rose by 170 points (0.4%), the S&P 500 gained 0.6%, and the Nasdaq Composite added 0.9%. All three major indexes are poised to close the week on a high note.

Anticipation Builds for Powell's Speech
Investors are tuning in for Powell's highly anticipated speech at 10 am ET, hoping for insights into the Fed's next policy moves. In previous years, Powell has used this event to signal significant policy shifts, often triggering notable market reactions. With a potential rate cut in September on the horizon, market watchers are keen to see how Powell navigates the delicate balance between curbing inflation and sustaining economic growth.

Key Economic Indicators and Market Reactions
Minutes from the Fed's July meeting, released earlier this week, revealed that the majority of the Federal Open Market Committee (FOMC) members support a rate cut in September, contingent on continued cooling inflation. However, there are concerns that keeping policy too restrictive could further weaken the already softening labor market.

Recent data indicates that US job growth was weaker than initially estimated, with 818,000 fewer jobs added in the 12 months leading up to March 2024 than previously reported. This slowdown, combined with easing inflation, has led traders to anticipate multiple rate cuts by the Fed in the coming months.

Economic Growth and Market Sentiment
Despite fears of a potential recession, some analysts remain optimistic about the economy's trajectory. "Growth is slowing but not yet slow, and this soft patch should not be mistaken for the onset of a recession," wrote Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers Solutions.

In other market news, gold futures briefly hit a record high of $2,570.40 per troy ounce earlier this week before retreating. Meanwhile, sales of previously owned homes in the US rose by 1.3% last month, breaking a four-month decline streak.

On the corporate front, Target shares have surged 9.5% this week following a strong quarterly profit report, while Macy's shares have dropped 13.7% after reporting declining sales and lowering its full-year revenue forecast. Boeing shares have also taken a hit, down 3.7% this week, due to ongoing issues with its 777X aircraft.

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