Investors reacted to Fed Chair Powell’s dovish pivot by causing the dollar to rise, Wall Street to close lower, and the U.S. yield curve to flatten. Chinese stocks hit a 10-year high, while U.S. Treasury auctions $183 billion of debt this week. Wall Street sees a surge in M&A activity, prompting questions about market health. Powell’s rate cut hint faces criticism, but market expectations remain unchanged. His speech failed to significantly impact monetary policy outlook. Labor market concerns may lead to a rate cut in September, but inflation remains a key concern.

Read more at Yahoo Finance: Trading Day: Pivoting on Powell’s pivot