Awaiting Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole seminar in Wyoming next Friday, Wall Street started the week in negative territory. The comments made last Friday by St. Louis Fed President James Bullard, who said he supports a 0.75% rate hike at the Federal Reserve’s Monetary Policy Committee (FOMC) meeting in September, continue to weigh heavily. Just like the conviction of a limited 0.50% increase was gaining in the markets. Thus the Dow Jones closed 1.9% lower, the Nasdaq 2.5%, and the S&P500 2.1% lower.
Heavy Amazon, Nvidia and Netflix
Among the titles heaviest to report are Amazon (-3.7%), Nvidia (-4.5%) and Netflix (-6.1%). Then the euro continues to decline, falling below the level with the dollar for the first time since mid-July: at the time of Wall Street’s close, the single currency lost 1% on the dollar at $0.9943. “Rising concerns about the fragility of natural gas supplies to Europe, along with the good news from the US jobs report, suggest that recession fears are now more acutely focused in Europe,” Iberi analysts explained. (All rights reserved)
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