Federal Reserve, Wall Street and Jerome Powell
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The week’s biggest news for Wall Street is likely arriving on Friday, when Federal Reserve Chair Jerome Powell will give a highly anticipated speech in Jackson Hole, Wyoming. The setting has been home to big policy announcements from the Fed in the past, and the hope on Wall Street is that Powell will hint that an interest rate cut is coming soon.
Dow futures slipped slightly on Wednesday as investors adopted a cautious stance ahead of Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium.
Nvidia, whose chips are powering much of the world's move into AI, dropped 1.3% and was on track to be the heaviest weight on Wall Street for a second straight day following its 3.5% fall on Tuesday. Palantir Technologies, another AI darling, sank 2.3% to add to its 9.4% loss from the day before.
Wall Street continues to drift Wednesday while news of a leadership change at Target took some of the spotlight away from the latest batch of corporate earnings reports.
Wall Street is edging further from its records. NEW YORK (AP) — Wall Street is edging lower on Tuesday following drops for Palantir and other stars that had been riding the mania surrounding artificial-intelligence technology.