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Major U.S. equities indexes fell Thursday weighed by tech stocks as the Jackson Hole Economic Policy Symposium kicked off in Wyoming. Bond yields climbed and stocks got hit, with Wall Street traders betting Jerome Powell will throw cold water on market expectations for aggressive interest-rate cuts. The 10-year U.S. Treasury yield climbed nearly 9 basis points to 3.863%.
While a repeat of Powell’s brief, blunt remarks two years ago that sparked upheaval in financial markets isn’t expected, investors remain on edge about what degree of “pain to households and businesses” from his 2022 speech might still might lurk on the horizon.
Odds favor 100 basis points of rate cuts through December, a level that would lower the fed-funds rate to a 4.25% to 4.5% range, according to the CME FedWatch Tool as of Thursday.
Data released earlier Thursday showed that the number of Americans filing new applications for unemployment benefits rose 4,000 to a seasonally adjusted 232,000 in the latest week, adding to concerns of a cooling of the U.S. labor market.
Asian shares stumbled on Friday as investors were cautious ahead of a speech by the world's most powerful central banker with markets looking for confirmation U.S. rate cuts would start in September.
GST appellate authority orders Airtel to pay Rs 194 cr GST on license fee, SUC as against earlier demand of Rs 605 Cr
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Nifty rose for the sixth consecutive session to close at 24811.50 with a gain of 41 points or 0.17%. Short term trend remains bullish for the Nifty. Support for the Nifty has shifted up at 24650. On the higher side 24950-25078 is likely to act as a resistance.
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