Stock market closed with back-to-back gains, Powell hints at interest rate cuts

From CNBC: 2024-08-25 10:00:01

Wall Street closed the week with back-to-back gains, bouncing back from Thursday’s losses, with S&P 500 and Nasdaq up over 1%. Fed Chairman Powell hinted at interest rate cuts coming, with market expecting 100 basis points of cuts by year-end. TJX Companies and Palo Alto Networks stocks performed well, but Estee Lauder lagged behind. Earnings season continues with Nvidia, Salesforce, and Best Buy reporting this week, alongside key economic data releases on GDP and inflation figures. Economic data shows U.S. inflation trending back towards target levels, with GDP expected to remain steady at 3.1% annual rate. This week’s earnings calendar includes reports from Nvidia, Salesforce, and Best Buy, as well as economic data releases on GDP and inflation figures. Fed Chairman Powell’s speech from Jackson Hole signaled interest rate cuts as stock market performance continues to be influenced by economic data and earnings reports.



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