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Stocks Fall as Hawkish Warsh Boosts Fed Rate Hike Chances
Barchart - Fri Aug 28, 3:41PM CDT
The S&P 500 Index ($SPX) (SPY) closed down by -0.25% on Friday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.70%. E-mini S&P futures (ESU26) fell -0.25%, and September E-mini Nasdaq futures (NQU26) fell -0.69%.
Stock indices gave up early gains on Friday and settled lower as bond yields rose after Fed Chair Warsh vowed to bring inflation back to target, bolstering the chance of a Fed rate hike next month. The chance for a Fed interest rate hike at next month’s FOMC meeting jumped to 57% from 36% before he spoke on Friday. The 10-year T-note yield rose +5 bp to 4.72%.
Chipmakers and AI-infrastructure stocks also retreated on Friday, weighing on the overall market, led by a -10% slide in Marvell Technology after the company forecast Q3 adjusted gross margin below consensus. In addition, Friday’s economic news showed an unexpected downward revision to US 2026 nonfarm payrolls, suggesting... Read more
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