Dow closes slightly lower after Fed chief reiterates inflation target

MacroPrice Action
โดย Reuters·US·Read original
Summary · why it matters

U.S. stocks closed in negative territory on Friday (Aug. 28) after Federal Reserve Chair Kevin Warsh reiterated the goal of curbing inflation during the Jackson Hole meeting, leading to expectations that the Fed may raise interest rates. The Dow Jones Industrial Average closed at 53,559.99 points, down 9.45 points (-0.02%), while the S&P 500 closed at 7,711.76 points, down 19.23 points (-0.25%), and the Nasdaq closed at 26,402.42 points, down 138.93 points (-0.52%). Warsh stated that if there is not enough confidence that inflation will fall to the 2% target, the Fed will have more work to do, leading investors to increase the likelihood of a rate hike in September. Meanwhile, Nvidia shares fell 4.6% and Marvell Technology dropped 10.3% on concerns about revenue from AI chip deals with Google. PayPal shares also fell 12.7% following reports that Advent and Stripe had abandoned plans to acquire the company. Trading volume on U.S. stock markets was 15.68 billion shares, higher than the 20-day average of 15.8 billion shares.

Impact on stocks 6

Artificial Intelligence▼ · 3 stocks
NVIDIA Corporation
NVDA
▼ NegativeDemandrelevance

Concerns about revenue from AI chip deals with Google led to a 4.6% drop.

Digital Finance & Tokenization▼ · 1 stocks
PayPal Holdings Inc
PYPL
▼ NegativeCapitalrelevance

Advent and Stripe abandoned plans to acquire PayPal, causing shares to fall 12.7%.

Others▲ · 2 stocks

Off-coverage companies 2

Advent InternationalPrivate± Mixed
relevance

Stripe, Inc.Private± Mixed
relevance

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