Equity Alert
US mkt ends dn; all eyes on Powell's comments at Jackson Hole
This story was originally published at 07:33 IST on 22 August 2025
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Equity Alert: US mkt ends dn; all eyes on Powell's comments at Jackson Hole
MUMBAI--0720 IST--The Nasdaq Composite closed in the red for the third straight sessions despite the selloff in technology stocks waning. Earlier this week, investors exited their profitable positions in technology companies, citing steep valuations and as enthusiasm around artificial intelligence phased out. The two other US benchmark indices – S&P 500 and the Dow Jones Industrial Average – also ended lower on Thursday. The weakness came ahead of US Federal Reserve Chairman Jerome Powell's address at the Jackson Hole Symposium. Investors also anticipate volatility in Friday's session.
The Nasdaq fell 0.3% to close at 21100.312 points and the S&P 500 closed 0.4% lower. The Dow Jones Industrial Average ended Thursday's session 0.3% lower at 44785.50 points. Most sectoral indices also fell during the session, with nine of the 11 S&P 500 sectoral indices closing lower. Of these, the index pertaining to consumer staples companies declined 1.2?ter Walmart missed quarterly profit estimates and flagged higher costs from tariffs. Shares of the retailer fell 4.5%. Other consumer-facing stocks such as Target and Home Depot were also in focus.
"There's a bit of a mixed picture within the consumer space and there's uncertainty in the economy - whether that's the job market or whether that's prices (increasing) from a tariff pass-through," said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
All eyes are now on the Jackson Hole Economic Policy Symposium, where Powell is scheduled to speak late Friday. Traders will closely monitor his speech for cues on the US federal funds rate cuts in September following recent weakness in the job market, and also on the outlook for the US economy amid US President Trump's complex policies. "Jitters over what's going to transpire tomorrow at Jackson Hole is certainly weighing on risk appetite a little bit with Chair Powell's speech," Adam Turnquist, chief technical strategist for LPL Financial, was quoted as saying by Reuters. "There could be a decent selloff if we get a more hawkish than expected event."
Following are the closing levels of US indices Thursday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 44785.5 | (-)0.34 |
| NASDAQ Composite | 21100.31 | (-)0.34 |
| S&P 500 | 6370.17 | (-)0.40 |
(Gopika Balasubramanium)
US$1 = INR 87.27
End
Edited by Avishek Dutta
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