Stocks were up a little before Jerome Powell’s Jackson Hole speech. People were wondering if the Federal Reserve Chair would talk about lowering interest rates. S&P 500 futures went up 0.5% and Europe’s main stocks also rose 0.3%. The 10-year Treasury yield stayed at 3.85% while the dollar went down.
Powell’s talk was the main focus for traders all week. Some thought he might say they would cut rates in September. Investors bet on small stock swings and moderate bond moves during the conference.
Two years ago, Powell gave a speech that surprised everyone and made stocks drop. Now, people are expecting a rate cut in September. They believe rates will go down by a lot by the end of the year.
The Japanese yen went up against the dollar today. The Bank of Japan Governor said they might raise rates soon but need to watch economic data first.
In corporate news, Nestle shares fell and Workday Inc. shares rose. Alibaba shareholders approved a plan to attract investment from China.
Overall, markets are waiting to see what Powell will say. The focus this week is on US new home sales and Jerome Powell’s speech in Jackson Hole.
Stocks, currencies, cryptocurrencies, bonds, and commodities all saw some changes today.
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