Asian Chip Stocks Mixed After Nvidia Earnings Beat 
German Industry Pushes Merz for Tougher China Trade Policy 
France Inflation Accelerates to 2.7% in August 
US Stocks Finish Flat as Inflation Data, Nvidia Earnings Keep Investors Cautious 
Tokyo Inflation Rises in August as BOJ Rate Hike Bets Grow 
Fed Chair Warsh Faces Key Jackson Hole Test 
Asian Currencies Steady Ahead of Warsh Speech 
Sweden Retail Sales Slip 0.2% in July 
US Dollar Hits Two-Week High After Hawkish Fed Speech 
Gold Prices Slip Ahead of Fed Chair Warsh Speech 
Hong Kong Home Prices Fall 0.5% in July, Ending Long Winning Streak 
Asian Currencies Mixed as Dollar Holds Firm Ahead of Jackson Hole 
Oil Prices Slip as Venezuela Supply Prospects Weigh on Market 
BOJ’s Himino Signals Timely Rate Hikes as Inflation Risks Rise 
Asian Stocks Mixed as KOSPI Falls Ahead of Fed Speech 
Iran Weighs Conditions to Reopen Strait of Hormuz 
Add as a preferred source on Google
Wall Street ended mostly lower on Friday after Federal Reserve Chair Kevin Warsh delivered a hawkish Jackson Hole speech that reinforced concerns about persistent U.S. inflation and the possibility of another interest rate hike.
The S&P 500 fell 0.3% to 7,709.18, while the Dow Jones Industrial Average finished nearly flat at 53,559.34. The Nasdaq Composite declined 0.5% to 26,402.42. Despite Friday’s weakness, U.S. stocks posted weekly gains, with the S&P 500 and Dow rising 0.5% and the Nasdaq advancing 0.9%.
Warsh told the Jackson Hole Economic Policy Symposium that underlying inflation trends had not “meaningfully improved,” arguing that price stability should remain the Federal Reserve’s main priority. July PCE inflation reached 3.7% year-over-year, while core PCE inflation stood at 3.3%, both well above the Fed’s long-term 2% target.
Markets interpreted the comments as hawkish. According to the CME FedWatch tool, expectations for a quarter-point September rate hike climbed above 59%, compared with roughly 35% a day earlier.
Treasury yields jumped following Warsh’s remarks. The 10-year yield rose 5.3 basis points to 4.725%, while the rate-sensitive two-year yield increased 12.2 basis points to 4.354%. The U.S. dollar also strengthened, while gold and cryptocurrencies retreated from recent gains.
Nvidia helped Wall Street finish the week higher despite dropping 4.6% on Friday. The AI chip giant had surged nearly 9% Thursday following blockbuster quarterly results and strong guidance, adding more than $440 billion in market value. Nvidia reported quarterly revenue of $92.22 billion, up 106% from a year earlier, and projected current-quarter revenue of about $108 billion.
Other Magnificent Seven stocks provided support Friday, with Meta Platforms, Apple, Microsoft, Alphabet and Amazon gaining between 1.2% and 4%.
Meanwhile, oil prices declined sharply for the week as investors monitored developments in the six-month U.S.-Iran conflict. Brent crude fell nearly 5% amid reports of possible progress toward a ceasefire and efforts to establish a temporary commercial shipping route through the Strait of Hormuz.
