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Barchart
Rich Asplund

Stocks Finish Lower Ahead of Friday’s Comments from Fed Chair Powell

Powell United States MOV ECB Schmid US Federal Reserve Advance Auto Parts Kansas City Fed Nordson Williams-Sonoma

The S&P 500 Index ($SPX) (SPY) Thursday closed down -0.89%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.68%.

US stocks gave up an early advance on Thursday and moved lower as bond yields rose and after the US manufacturing PMI fell to the lowest level in 8 months. Stocks were also weighed down by speculation that Fed Chair Powell, in his comments at the Jackson Hole Fed symposium on Friday, will downplay the need for a 50 bp rate cut at next month’s FOMC meeting.

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