Stocks rise before Powell's speech, yen strengthens; markets optimistic

From Yahoo Finance: 2024-08-23 04:33:57

Stocks edged higher ahead of Jerome Powell’s Jackson Hole speech, as investors speculated on potential interest rate cuts by the Federal Reserve. Futures on the S&P 500 rose 0.4% and Europe’s main equities benchmark also saw gains. The 10-year Treasury yield held steady at 3.85%, while the dollar weakened. Bank of Japan Governor Kazuo Ueda’s comments strengthened the yen. Powell’s speech is closely watched for hints on rate cuts, with markets currently pricing in a quarter-point cut in September and nearly a full percentage point reduction by year end. Meanwhile, Japanese inflation exceeded expectations, rising 2.8% year-over-year in July.



Read more at Yahoo Finance: Stocks Advance Ahead of Powell’s Speech; Yen Gains: Markets Wrap