(Telestock) – After a positive opening, Wall Street strengthens – and Treasury yields fall – after Fed Chairman Jerome Powell’s speechwho in his speech in Jackson Hole said that the time has come for the US central bank to cut its benchmark rate, confirming expectations that the cost of money will be lowered at the September meeting and making clear his intention to prevent a further cooling of the labor market.
Powell said he was “increasingly confident that inflation is on a sustainable path back to 2 percent” and stressed that “the cooling of labor market conditions is unmistakable.” He also stressed that “the current level of our key rate gives us ample margin to respond to any risks we may encounter, including the risk of a further unwanted weakening of labour market conditions.”
On the macroeconomic front, the growth has started again, and much more than expected, new home sales in the United States in July 2024.
As regards the quarterly, Workday beat market expectations for the second quarter and announced a $1 billion share buyback plan, while Ross Stores raised its full-year profit forecast.
Looking at the major US stock market indices, the Dow Jones continues the day with an increase of 0.77%, to 41,028 points; along the same lines, theS&P-500 gains 0.94% compared to the previous session, trading at 5,623 points. Good performance by Nasdaq 100 (+1.29%); along the same lines, theS&P 100 (+1.03%).
The following stand out in the S&P 500 basket: sectors informatics (+1.65%), secondary consumer goods (+1.46%) and materials (+0.87%).
At the top of the rankings of American giants components of the Dow Jones, Intel (+2.69%), Salesforce (+2.29%), Down (+1.31%) and Amgen (+1.24%).
Among the Nasdaq 100 protagonists, Workday (+11.20%), Marvell Technology (+4.68%), Ross Stores (+4.16%) and Global Foundries (+3.84%).
The strongest drops, however, occur on Intuitwhich continues the session with -6.07%. Black session for PDD Holdingswhich leaves a loss of 4.34% on the table. Disappointing MicronTechnologywhich sits just below the levels of the day before.