Market Highlights

A solid economic reading drove stocks to fresh all-time highs, but Wall Street traders refrained from making big moves before inflation data that could bring more clues on the pace of Federal Reserve rate cuts. Short-dated Treasury yields rose. The dollar fell. Just 24 hours ahead of the release of the Fed’s favored price gauge, data showed the US economy expanded faster than initially estimated, underscoring the resilience of America’s primary growth engine — consumer Spending Stocks drifted lower as traders held back from bold wagers ahead of Friday’s US inflation data that may test current bets on how quickly the Federal Reserve can adjust interest rates lower.

Stocks fell in late hours after Nvidia Corp.’s revenue forecast struggled to clear elevated expectations, weighing on sentiment across the technology sector and testing the strength of the AI-fueled rally that has dominated global markets. A $660 billion exchange-traded fund tracking the S&P 500 dropped, following an advance that drove the equity benchmark to a fresh record on Wednesday. The chipmaker slid 2.5% after projecting fiscalthird-quarter sales of about $54 billion, excluding China data-center revenue. While the outlook matched estimates, it trailed the more optimistic forecasts Stocks shook off an initial drag from Nvidia Corp.’s sales outlook missing lofty expectations, indicating that momentum behind the record-breaking rally remains intact.

The dollar fell and longer-dated Treasury yields rose as President Donald Trump’s push to remove Federal Reserve Governor Lisa Cook fueled concern about central bank independence and inflation risks. Stocks eked out gains before Nvidia Corp.’s results. While the moves were modest in listless summer trading, they underscored growing unease over political interference in monetary policy. That could give Trump another chance to name someone to the Fed board as he repeatedly pressures officials to cut rates Technology shares advanced in Asia before Nvidia Corp.’s earnings as investors awaited the company’s take on chip demand to gauge the sustainability of a global stock rally since April.

A rally that put stocks on the brink of all-time highs sputtered and bond yields rose as euphoria around Federal Reserve rate cuts eased just days ahead of a key inflation reading. While Jerome Powell on Friday signaled a September rate cut is likely amid downside risks to the jobs market, doubts over the pace of those reductions lingered on Wall Street. In addition to officials remaining divided, traders are bracing for a not-so-friendly price reading later this week. The dollar pared most of its losses as Federal Reserve Governor Lisa Cook vowed not to resign, defying President Donald Trump’s move to oust her.

Stocks surged, reversing a week of losses and sending the Dow Jones Industrial Average to a record, while bond yields fell as surprisingly dovish comments by Jerome Powell convinced investors that rate cuts are all but guaranteed. By shifting focus toward risks in the jobs market, the Federal Reserve chief signaled it may not wait for perfect inflation before slashing rates Asian shares tracked Wall Street’s rally as traders increased bets the Federal Reserve will lower interest rates next month following dovish comments by Chairman Jerome Powell.

Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts. The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifthstraight day, its longest slide since January. Most big techs slid. Walmart Inc. sank 4.5% on a profit miss. Caution lingered across markets ahead of Federal Reserve Chairman Jerome Powell’s speech as traders pared wagers on an imminent interest-rate cut

Stocks rebounded from session lows after a week-long tech selloff, in the latest sign of febrile Wall Street trading ahead of Jerome Powell’s Jackson Hole speech. Following a rout that shed billions of dollars from US equity values, buyers emerged in the last stretch of Wall Street trading. A renewed slide in big tech and signs inflation remains the predominant concern of Federal Reserve officials weighed on trading Wednesday. Asian technology stocks edged higher after dip buyers steadied the Nasdaq 100 index late in US trading, while markets tread cautiously ahead of the Federal Reserve’s Jackson Hole meeting.

Global stocks paused after a record-breaking run, with a sharp selloff in heavyweight technology shares dragging markets lower and futures indicating further losses. Contracts for the Nasdaq 100 index declined 0.5% after the gauge slumped due to stock rotation and posted its second-worst drop since April’s tariff shock. Futures for the S&P 500 retreated 0.3% and those for European stocks fell 0.6%. Asian shares tumbled 0.8% with technology firmssuch as Taiwan Semiconductor Manufacturing Co. and SoftBank Corp. leading. Treasuries slipped, pushing the yield on the 10-year higher by one basis point to 4.32%. Oil rose 0.6%, recouping some losses from the prior session. A gauge of the dollar extended its gains to a third day. The New Zealand dollar weakened and bonds rallied after the central bank lowered rates by 25 basis points and suggested there was scope for more cuts.

Wall Street saw a quiet start to a key Federal Reserve week, with geopolitics coming into play as President Donald Trump said he hopes to set a trilateral meeting with Russia and Ukraine as the White House welcomed Volodymyr Zelenskiy to discuss a potential peace deal. Following a series of all-time highs for the S&P 500, the gauge wavered. The Trump administration was said to be in discussions to take a stake of about 10% in Intel Corp. Traders will get a close look at how American consumers were faring in the early days of Trump’s tariff regime when retail giants like Walmart Inc. and Target Corp. report earnings this week. Financial markets traded in a narrow range, with global equities holding near record highs, after Donald Trump’s meeting with Ukraine’s president and European leaders ended with a call for a summit with Russia.

Pacific Investment Management Co. is warning that the Trump administration’s plan to sell shares in Fannie Mae and Freddie Mac could drive up the mortgage rates that Americans pay. “Don’t fixwhat is not broken,” Libby Cantrill, Pimco’s head of public policy, wrote in a note to clients earlier this week. She said that unless the sale can be orchestrated in a way that preserves the government’s commitment to financiallysupport the institutions, investor demand may cool for the mortgage-backed securities that they sell. And this, Cantrill said, would in turn make home loans more expensive for millions of people US and European stock futures advanced in the run up to Donald Trump’s talks with Ukrainian President Volodymyr Zelenskiy, after a summit with Russia concluded without escalating geopolitical tensions.