A Hawkish Fed Speech Turns a Green Morning Red
Why did a green morning turn red? Warsh told Wall Street the Fed still has inflation work to do, and rate-hike odds jumped.
Overview
U.S. stocks turned lower Friday afternoon after Federal Reserve Chair Kevin Warsh delivered a hawkish first Jackson Hole address, while Nvidia (NASDAQ: NVDA) gave back most of Thursday's post-earnings surge.
The Dow Jones Industrial Average (DJINDICES: ^DJI) is dead flat, up 0.01% as of 1:05 p.m. ET. The S&P 500 (SNPINDEX: ^GSPC) is down 0.13% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) has slipped 0.30%. All three were up around 0.5% earlier. Then, Warsh's words sank in and the gains melted away.
Details
Source
Originally published at www.fool.com.
Related Articles
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.